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a. If the elasticity of demand for cocaine is -.2 and the Drug Enforcement Administration succeeds in reducing supply substantially, causing the street price of the drug to rise by 50%, buyers will spend less on cocaine.
b. Every year Christmas tree vendors bring tens of thousands of trees from the forests of New England to New York City and Boston. During the last two years, the market has been very competitive; as a result, price has fallen by 10 percent. If the price elasticity of demand was -1.3, vendors would lose revenues altogether as a result of the price decline.
c. If the demand for a good has unitary elasticity, or elasticity is -1, it is always true that an increase in its price will lead to more revenues for sellers taken as a whole.
U(Y, l) = Y^1/2 l^1/2, where Y= income, l= leisure hours, w= wage rate, price of Y =$1, NL is non-wage income and T is the maximum number of hours available. Let ‘t' be the tax rate on the hourly wage rate, so the effective wage rate is w(1-t) = w..
Kennedy Air Services is now in the final year of a project. The equipment originally cost $24 million, of which 65% has been depreciated. Kennedy can sell the used equipment today for $6 million, and its tax rate is 35%. What is the equipment's af..
There is a belief that a person's performance on the GMAT (entrance exam to get into graduate school) can be predicted by their undergraduate GPA. Based on regression analysis what are the following values, (Round to three decimal places; put it ..
Computer Products Corp. sells peripheral equipment used by both private businesses and the government. Due to a recession, Computer Product's sales have declined by 100,000 units and it now has 200,000 units of excess capacity.
By assuming there is no change in the level of the MPC and MPS and planned investment jumps by 200 and is sustained at that higher level, recomputed the table. What is the new equilibrium level of Y Is this consistent with what you compute using t..
PC Connection and CDW are two online retailers that compete in an internet market for digital cameras. While the products they sell are similar, the firms attempt to differentiate themselves through their service policies.
A consumer has $100 to divide between purchasing wine and quiche. Suppose wine costs $10 per bottle if the consumer purchases up to 5 bottles. After that, it is $5 per bottle. Suppose quiche is $5 each. Please draw the budget line. Will a consumer..
Suppose market demand is P = 130 - Q. a) If two firms compete in this market with marginal cost c = 10, find the Cournot equilibrium output and profit per firm. b) Find the monopoly output and profit if there is only one firm with marginal cost c = 1..
A monopolist can produce its output at a constant average and constant marginal cost of: ATC = MC = 5 The monopoly faces a demand curve given by the following function: Q= 53-P And a marginal revenue curve that is given by the function: MR = 53 - ..
1.Project K costs $60,000, its expected cash inflows are $13,000 per year for 7 years, and its WACC is 9%. What is the project's NPV 2.Project K costs $51,955.53, its expected cash inflows are $12,000 per year for 8 years, and its WACC is 11%. Wha..
Suppose Jose has a demand curve for tennis games (x) given by x = 60 3p where p is the price of one tennis game. There is a local tennis club that charges its members a fee of f dollars to join and play tennis at a price of p = 10.
Duff Inc. paid a 2.06 dollar dividend today. If the dividend is expected to grow at a constant 4 percent rate and the required rate of return is 7 percent, what would you expect Duff's stock price to be 3 years from now
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