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Suppose you are the manager of a restaurant that serves an average of 400 meals per day at an average price per meal of $20. On the basis of a survey, you have determined that reducing the price of an average meal to $18 would increase the quantity demanded to 450 per day.
a. Compute the price elasticity of demand between these two points.
b. Would you expect total revenues to rise or fall? Explain.
c. Suppose you have reduced the average price of a meal to $18 and are considering a further reduction to $16. Another survey shows that the quantity demanded of meals will increase from 450 to 500 per day. Compute the price elasticity of demand between these two points.
d. Would you expect total revenue to rise or fall as a result of this second price reduction? Explain.
In a particular industry, labor supply is Es = 10 + w and labor demand is Ed = 40 – 4w, where E is the level of employment and w is the hourly wage. What is the equilibrium wage and the employment level if the labor market is competitive? What is the..
Illustrate what is the new level of gross national debti. If 100 percent of the deficit is financed by the sale of securities to federal agencies.
Participate in a discussion with your classmates regarding how monetary policies affect our lives. Utilizing the knowledge that you have accumulated during our course, and by reading or watching the current news, determine the monetary policy issues ..
Suppose you own a car wash and that its total cost function is C = 20 + 2Q + .3Q^2 where C = total cost in dollars per hour and Q is the number of cars washed per hour. You receive 5 dollars for each car washed. Derive the firm’s short run supply cur..
A regression analysis between sales (in $1000) and advertising (in $100) resulted in the following least squares line: = 75 +6x. This implies that if advertising is $800, then the predicted amount of sales (in dollars) is:
Describe one weakness and one strength of the gold standard. Do you agree with Milton Friedman that any system of pegged exchange rates is not a satisfactory system for countries with independent political systems; or do you agree with Ronald McKinno..
Marginal cost of production is constant and is $10, and there are no fixed costs. What is the profit maximizing level of output? What profit maximizing price will be charged? How much profit will be made if profit is maximized?
A pharmaceutical company has already spent 1 million dollars in research for a new drug and now has to make a decision. The company can either terminate the research program or it can move to the development phase. If the company moves to the develop..
What was the rate of growth of per capita real GDP before the increase in population growth? If the rate of growth of real GDP remains unchanged, what is the new rate of growth of per capita real GDP following the increase in the birth rate?
What is happening to the value of the U.S. dollar these days? What causes the value of the U.S. dollar to rise or fall? Who demands U.S. dollar? Who supplies U.S. dollar? When we purchase German products, does our demand for euro go up or down? What ..
Suppose the government increases education spending by $20 billion. Based on an MPC of 0.75, how much additional consumption will this increase cause? Show your work.
q1. supply and demand for good are given as follows p 1000 - 1.5qd p 60 2.5qsillustrate what is equilibrium quantity?
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