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Americans consume about 375 billions gallons of gasoline every day, and the corresponding price-demand equation was estimated to be x=f(p)=675-75p.
Use E(p), the Elasticity of Demand to determine the price interval over which raising the price of gas will increase revenue, and the interval over which a price increase will decrease revenue.
Suppose that inverse demand is given by p(Q) = a-bQ, where Q is total quantity supplied in the market. There are two firms in the market, each with a cost function of c(q) = cq, now assume that the first firm moves before the second firm. Compare the..
Over the last year your boss has noticed that it would be useful for your firm to understand how consumers behave when variables in the market change and how these changes affect the total revenue for your product. You have been asked to do an analys..
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 competitive industry produces a unit of sulphur dioxide with every unit of its output. The private marginal cost (PMC) in the industry is 2+(Q/2) when Q is the number of units of output. The social marginal benefit (SMB) of the industry's output is..
Given the Cobb-Douglas production function (a) Graph the function (b) Show that the function displays diminishing marginal product. Explain what you are doing (c) Suppose the capital stock increases, what happens to the slope of the function?
Mars Inc. is considering the purchase of a new machine that will reduce manufacturing costs by $5,000 annually. What is the tax on salvage value?
If Plonk and Brew operated in a Cournot oligopoly, explain how much output will each of them produce in equilibrium.
You are a manager in charge of monitoring cash flow at a company that makes photography equipment. Traditional photography equipment comprises 40 percent of your revenues, which grow about 2 percent annually. If the own price elasticity of demand for..
Countercyclical monetary policy stimulates the economy during a recession by shifting the labor demand curve to the left. Countercyclical monetary policy slows down the growth rate of an economy during an expansion by shifting the labor demand curve ..
If the economy is competitive so that factors of production are paid the value of their marginal products, illustrate what is the share of total income that will go to land.
Another form of imperfect competition is monopolistic competition. List three examples of real firms that operate in monopolistically competitive markets?
This assumption implies that armed conflict can be a necessary prelude to a negotiated settlement of a newly arisen dispute. What about breakdown of existing agreements to settle territorial disputes peacefully.
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