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Suppose the price elasticity of demand for vanity plates in your state is 0.60. The initial price is $20 and the initial quantity is 1,000 plates per week. Suppose the state increases the prices by 10%. Predict the new quantity per week and total revenue per week.
1. Assume that C = 40 + .5Y. a. Find the level of consumer spending and the level of savings for income equal to what c. What will be the equilibrium level of income when planned investment expenditure is equal to 60
where P is the price of cigarettes in dollars and Q is in millions of cigars Using calculus, show that the demand and supply curve have constant elasticity along their entire length. What are the values of the demand and supply elasticities
A math test of 100 questions was given to a random sample of 20 freshman. Suppose that for the population of freshman the distribution of number of correct answers would be normal with a variance of 250. a) what is the probability that the sample v..
One farmer can grow 1,500 bushels of corn on 2 acre of land with 300 hours of labor and 25 pounds of seed. Another farmer can grow 1,500 bushels of corn on 1 acre of land with 200 hours of labor and 25 pounds of seed.
A small business hires a consultant to predict the increase in weekly sales of their product when advertising is increased to $750. Over the past the consultant finds that the average spend on advertising is $500 per week and the average weekly sa..
Many retirement funds charge and administrative fee equal to 0.25% on managed assets. Suppose that Alexx and Spenser each invest $5,000 in the same stock this year. Alexx invests directly and earns 5% a year. Spenser uses a retirement fund and ear..
Daniel deposits $20,000 into an account earning interest at 6 percent per year compounded quarterly. He wishes to withdraw $400 at the end of each month. For how many months can he make these withdrawals
(a) what is the opportunity cost to this student of allocating enough additional study time on economics to move her grade up from a 90 to a 100 (b) draw a production possibilities curve showing the opportunity cost.
The U.S. mint, which produced billions of coins each year, has a mean defect rate of 5.2 coins per day. Let X be the number of defective coins produced on a given day. What is the probability of exactly 5 defective coins on a given day
If the income elasticity of money demand is 0.6 and the interest elasticity of money demand is -0.1, by what percent does money demand rise if income rises 5% and the nominal interest rate rises from 5% to 6%
During the current year, sales total $2,000,000, income is $84,700 per capita, advertising is $500,000, and competitor advertising is $300,000. Previous period levels were $77,000 (income), $400,000 (advertising), and $400,000 (competitor advertis..
A medium sized city is considering offering exclusive rights to CableNet, a cable television carrier. The demand function for cable in this city is: P= 28- 0.0008Q; The resulting marginal revenue function is: MR = 28 - .0016Q ; Cablenet's marginal co..
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