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Economics - Demand curve
Suppose a firm's demand curve is given by P=120-0.5Q. Find the (value of) price elasticity of demand (point elasticity) for the demand curve when the price is $100. Is demand elastic or inelastic?
Once it's determined to be elastic or inelastic, how do you come to that conclusion?
What price should DD set to maximize profits? What would output be if DD acted like a perfect competitor and set P = MC?
If the price of a good decreases, the substitution effect shows the increase in the quantity of the good demanded, holding income constant.
Decide if the values of the goods produced are included in the 2006 GDP and explain your reasoning.
All firms in a Cournot monopolistically competitive industry have the same cost function C(q) = 25 +10q. Calculate the equilibrium price, firm output, total output and number of firms in the industry.
According to the neo-classical economic theory, the market is a natural, self-regulating system that tends automatically towards the full employment equilibrium of supply and demand.
Suppose that there are two goods in the economy, and the price of each good is equal to 1. When Alice has income of $10, She consumes 1 unit of good y and 9 units of good r.
Compute the equilibrium interest rate. Compute the amount of investment demand, private saving, and national saving at the equilibrium interest rate.
Utilizing an AD-AS diagram suppose that the economy is initially at potential output
Illustrate the amount of total benefits-total costs also total net benefits at the selected quantity
Additionally, several other configurations were also estimated. The results are shown on the following pages. Based on this data, answer the following questions. Comment on the significance of time trend and seasonality.
Assume that the following information about the economy is correct. The potential GDP is 3 percent. Real GDP has fallen at a minus two percent rate in the last 12 months.
Assume x and y are the only two goods a person consumes. If after a rise in p x , the quantity demanded of y decreases, one could say
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