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Consider the following market demand: QD = a – bP, where a, b > 0. At price P = 0.5(a/b), what is the absolute value of the price elasticity of this market demand? (NOTE: Write your answer in number format with two decimal places of precision. HINTS: First compute the expression for the price elasticity of this market demand. Next, compute the market quantity demanded at P = 0.5(a/b). Finally, substitute your P and QD values into your expression of the price elasticity of this market demand, to determine the absolute value of the price elasticity at that point.) Show all work.
Suppose that the inflation rate in Oct is 8.1%, the inflation rate in Nov is 2.6%, and the inflation rate in Dec is 8.9%. The Price Index was 100 in September. What is the value of hte price index in December?
Top four firms in Industry B have market shares of top four firms in Industry B have market shares of 15,12,8 and 4 percent, respectively. Calculate four-firm c0ncentration ratios for two industries. Which industry is more concentrated.
A police officer stops a subject based on reasonable suspicion that the subject is about to engage in criminal conduct and has reasonable suspicion that the subject is armed. While conducting a frisk or pat down of the subject, the officer feels an o..
A 500-MW power plant costs $3,700/kW to be built and the operating cost is $26.00 per MWh produced, including fuel, personnel, maintenance and other expenses. The plant will operate at an average of 85% capacity. What is the total investment to build..
President and Congress change budget accordingly, but after 18 months, GDP only increased by three quarters of expected amount. Illustrate what factors might be responsible for this situation.
You have opened a retirement account that will pay 4% interest per year. You plan to deposit 8% of your annual salary into the account for 40 years before you retire. Your first year's salary is $48,000, and you expect your salary to grow 3.5% each y..
tax consequences of owning, and determine whether it is better to rent or own. This is an example of the hidden-cost fallacy.
There are two types of farming tractors on the market, the FT250 and the FT500. The only difference between the two is that the FT250 is more prone to accidents than the FT500. At these prices, 2,000 of each model are purchased each year. What is the..
The market consists of Allen and Bernard. Allen has the labor supply curve described in the following function: What is Allen’s reservation wage? What is Bernard’s reservation wage? What is the market labor supply curve? Draw the market labor supply ..
What factors in technological segment can have significant impact on U.S. restaurant industry? How does each of these factors shape the growth and changes of the industry? What are the future trend of each factor and the resulting changes of the indu..
When the financial plan has been completed the first time, it must be evaluated:
Why is it difficult to analyze the welfare implications of growth in the neoclassical model? What proxy is often used to reach a conclusion about the effects of growth? What leads to the conclusion that, if welfare is to improve with growth in the la..
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