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Compute elasticities of demand and explain briefly for each the relevance of this information in decision-making by the firm. The data has been generated in each case from recent market experience or from test markets.
1. Current p of dinner =$100, q=60; New p = $80, q=70
2. Current symphony ticket p=$90, q=2000; New p= $50, q=4000
3. Current monthly income =$10,000, monthly q=6 of dinners out; new income = $8000, q=4
4. Current p of good y = $50, q of good x=100; new p of y = $40,q of x=90 (p of x has not changed)
Suppose a monopolist has a constant marginal cost of $20 per unit, and a fixed cost of $100. The demand curve for the product of the monopolist is given by P=100-Q, and its corresponding marginal revenue is given by MR=100-2Q, where Q is the amount o..
Consider a country that is operating with a fixed exchange rate under conditions of perfect mobility. Explain what effects you would expect an in increase in world interest rates to have on the equilibrium values of the following domestic macroeconom..
What are the advantages of the HHI over concentration ratios in measuring the degree of concentration in an industry? What is the Bertrand model? What is its relationship to the Cournot model? What is the Stackelberg model?
4-10calc A U.S. auto maker plans to build two more plants in China as it aims to harness continued growth in Asia. The company estimates that it must make annual investments of $40 thousand over a 15-year period. How much would the company have to in..
Describe the tragedy of the commons. What problems are presented by the tragedy of the commons for moral evaluation of technological development? How would you address these problems?
Consider the following situation. An individual may decide to pay taxes of $1200 or evade them. Assume that if the individual evades taxes and is audited, he pays a fine of $350, in addition to back taxes. Set up the strategic form (payoff table), w..
Promoters of a major college basketball tournament estimate that the demand for tickets on the part of adults is given by Qad = 5,000 ? 10P, and that the demand for tickets on the part of students is given by Qst= 10,000 ? 100P. The promoters wish to..
Describe how the circular-flow diagram works. Name the parts of the diagram that correspond to the flow of goods and services if you were to pay $50 for a new pair of shoes at a local shop. Name the parts of the circular-flow diagram that correspond ..
Frequently result from radioactive transportation accidents due to the large number of such shipments
Elucidate how the investor's curves would appear if she adopts the 50:50 strategies but would not accept any additional return.
What is the Deadweight loss cause by the insurance policy? What happens to the size of teh deadweight loss if it turn out that the marginal external benefit of visiting the doctor is $50?
A Japanese car maker plans to expand its production in the United States. The company borrowed $189,969,147 for this expansion at an interest rate of 8% per year. The loan will be repaid in equal payments at the end of each year over a 15-year period..
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