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The weekly sales of Honolulu Red Oranges is given by q = 1116 − 18p. Calculate the price elasticity of demand when the price is $31 per orange (yes, $31 per orange†). HINT [See Example 1.] Incorrect: Your answer is incorrect. Interpret your answer. The demand is going Correct: Your answer is correct. by % per 1% increase in price at that price level. Also, calculate the price that gives a maximum weekly revenue. $ Find this maximum revenue. $
Assume there is a market with only two profit maximizing companies (duopol) where each company has MC = AVC = 20 and no fixed costs. Also assume that market demand is Q = 100 - 0.5p. If both companies compete and chooses their given supply quantities..
Suppose a country's nominal GDP increases from $100 billion in 2012 to $120 billion in 2013. The GDP implicit price deflator was 100 in 2012 and 100.1 in 2013. Calculate the country's economic growth.
Sally Rand owns a ceiling fan company. She sells 1,000 ceiling fans at $50 each. Each fan costs her $20. She uses her own money to buy the fans; she withdraws the money from her savings account where it earns 5 percent interest. Before going into the..
Consider the role of discount rates in the problems involving long time horizons such as climate change. Suppose that a particular emissions abatement strategy would result in a $600 billion reduction in damages 50 years into the future. How would th..
Suppose the government increases G to 1250. Compute private saving, public saving, and national saving and the new equilibrium interest rate.
Bertie’s Boards has 2 factories in Malibu and Denver that were originally dedicated solely to skateboard production. As it turns out though, each of the factories could be used to produce both skateboards and surfboards. Draw the overall production p..
Illustrate what happens to official measure of GDP when air quality improves significantly in united states but there are no effects on aggregate production or on market prices of final goods and services.
A major electronics manufacturer expects to generate additional revenue from its recently won government contract. The company forecasts that the revenue will be $190 million in the first year, but will decline by $2 million every year for the next 3..
A set of cash flows begins at $200,000 at the end of year 1. It deceases by 10% at the end of year 2 and so on, until n = 10 years. If the MARR = 8%, what is the PW of the flow? Lucky Linda, a very good Avon salesperson, is averaging $100,000 per yea..
Suppose market demand and supply are given by Qd = 100 – 2P and QS = 5 + 3P. If a price ceiling of $10 is imposed, what will be the resulting full economic price?
Using the concept of net present value also opportunity cost, explain when it is rational for an individual to pursue
A purely competitive firm finds that the market price for its product is $30.00. It has a fixed cost of $100.00 and a variable cost of $17.50 per unit for the first 50 units and then $35.00 per unit for all successive units. What is the average varia..
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