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Suppose the own price elasticity of demand for good X is -3, its income elasticity is -2, its advertising elasticity is 3, and the cross-price elasticity of demand between it and good Y is -5. Determine how much the consumption of this good will change if:
Instructions: Enter your answers as percentages. Include a minus (-) sign for all negative answers.
a. The price of good X decreases by 7 percent.
b. The price of good Y increases by 8 percent.
c. Advertising decreases by 4 percent.
d. Income increases by 3 percent.
Calculate the APP, MPP and elasticity of production at different production levels and how many stages of production does this function represent? Mention them.
You are the manager of a monopoly that faces a demand curve described by P = 85 - 5Q. Your costs are C = 20 + 5Q. The profit-maximizing price is
The firm increases its entire size until it makes 30,000 units a week. What would total cost be if the firm faces constant returns to scale?
Assume company X deposits 100,000 in cash in Commercial Bank A. If no excess reserves exist at the time this deposit is made and the reserve ratio is 20%, Bank A, by itself, can initially increase the money supply by a maximum of?
Write down the profit maximization problem of the representative firm. What is the new short run equilibrium price and production.
In the argument for why perfect competition is allocatively efficient, the price that people are willing to pay represents the gains to society and the marginal cost to the firm represents the costs to society. Can you think of some social costs or i..
Suppose that people derive utility from two goods---housing (H) and all other consumption goods(C). Show a typical consumer's allocation of his or her income between H and C.
Illustrate what was the main criticism of the present Texas constitution behind the Ratliff-Junell proposal for a latest constitution.
q1. which one cash flow or net income do you think is more important to apple inc final project company and more
Which is a characteristic of the German health care system?
A flat tax plan allows individuals to deduct a standard allowance of $10,000 from their wages. Assume that the flat tax rate is 12%. Calculate the amount of income tax and the average tax rate if you were earning.
If the price of soda is $1 every can, Elucidate how many sodas will the consumer purchase in a typical month.
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