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You are Larry, the owner of Larry’s Lemonade Shack. You decide to hire an economist to estimate the price elasticity of demand for your product, which she estimates to be 2.5 (in absolute value). She also finds that this has been fairly stable over the last year.
a. Are you profit maximizing, or do you need more information (and if so, what information)? Explain your answer.
b. To increase revenue, should you raise or lower the price of your product or do you need more information (and if so, what information)?
Replace the machine with a new one costing $49K. Depreciation would be SL to zero over the 7 years of its life. Operating costs would be reduced by $7Kpa.
Why are many consumers apt to be rationally ignorant about their options? Why would insurance coverage tend to increase rational ignorance? Why are so many economists opposed to licensure of medical facilities and personnel?
At his current consumption basket, his marginal utility for hot dogs is 5 and his marginal utility for sodas is 3.
Discuss the classification of types of goods in terms of rivalry and excludability. For what type of goods do we have the free-rider problem? The tragedy of the commons? Provide explanations for both.
q.a survey of households in a small town showed that in 850 of 1200 sampled households at least one member attended a
What are the current account and the capital account in the balance of payments? For each of the international transactions below, determine whether it is a credit or a debit in the US balance of payments, whether it is a current account or capital a..
Category Amount:: Durable Goods $1,000, Non-Durable Goods 2,500, Services 7,000,Fixed Investment 1,800, Changes to Business Inventory 35, Investment in Stocks & Bonds 5,500, Federal Government Purchases 1,200. Using the above table determine the amou..
Please discuss who wins and who loses ever since the Certificate of Need (CON) legislation has been enacted to restrict the addition of any new hospital beds, such as beds for cardiac care.
The discussion of the multiplier in the last chapter shows how a change in autonomous spending increases real GDP by a multiple of itself. For example it the multiplier is 4 and the change in autonomous spending is $100, and then the real GDP is $400..
Suppose the monthly demand for soda by a consumer is given by Q=10 - 8P . A/ If the price of soda is $1 per can, how many sodas will the consumer purchase in a typical month? B/ what is the elesticity of demand for soda?
Elucidate why a system of marketable pollution permits leads to less costly pollution abatement and a higher concentration of polluted areas than a command-and-control system.
Why does the government grant patents to new inventors? Think about new cancer drug research and new drug prices. Why does the government give monopoly power to utility companies?
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