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Second Problem The price elasticity of demand for oatmeal is constant and equal to -1. When the price of oatmeal is $10 per unit, the total amount demanded is 6,000 units. 1. Write an equation for the demand function. Graph this demand function with blue ink. (Hint: If the demand curve has a constant price elasticity equal to , then D(p) = ap for some constant a. You have to use the data of the problem to solve for the constants a and that apply in this particular case). 2. If the supply is perfectly inelastic at 5,000 units, what is the equilibrium price? Show the supply curve on your graph and label the equilibrium with an E.
Comment on this trade-off between equity and growth. Explain how would you go about resolving the issue if you were the president of a small poor country.
A small company manufactures and sells bicycles.The production manager has determined that the demand functions for q(q>0) bicycles per week is p=90-q, where p is the price per bicycle. find the maximum weekly revenue ?
In the early 1970s, the six largest manufacturers of ready-to-eat breakfast cereals shared 95 percent of the market. Over the proceeding 20 years, these manufacturers introduced over 80 new varieties of cereals. How would you evaluate this strategy f..
Elucidate effect does the current supply and current demand have on this product.
An industry consists of three firms with sales of $200,000, $500,000, and $400,000. Compute the Herfindahl-Hirschman index.
Elucidate how does the real wage rate at point c compare with the real salary rate at point a. How do nominal wage rates compare at those two points.
For the following utility functions and prices. Determine the optimal bundle of x1 and x2 given the stated prices and income. Illustrate the optimal consumer choice decision in each of the two cases below.
The largest corporation based in the United States is: In addition to agricultural products and manufactured goods, the United States is also the world's largest exporter of: In order for a marketer to operate efficiently in a foreign country, it is ..
structure of the essayintroduction which topic 300 wordsbody- discuss the topic from your secondary research with
For a perfectly competitive firm, the price of its product is $3.50. If an additional unit of a resource yields a value of the marginal product (or MRP) equal to $24.50, what is the value of the marginal-physical product? A firm's objective in busine..
To explore the implications of this view, suppose that an economy consumes all wage income and saves all capital income. Show that if the factors of production earn their marginal product, this economy reaches the Golden Rule level of capital.
q.suppose when russia opens to trade which introduced automobiles a capital-intensive good.a. according to the
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