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Q. A social scientist claims that the average adult watches less than 26 hours of television per week. He collects data on 25 individuals' television viewing habits and finds that the mean number of hours that the 25 people spent watching television was 22.4 hours. If the population standard deviation is known to be eight hours, can we conclude at the 1% significance level that he is right?
Compute most favorable output also profit for each firm and the market price. Also, compute the resulting profit of cartel.
Then do similar for every of the determinants of supply in Equation 2.2. In every instance, would equilibrium market price increase or decrease.
Assume the price elasticity of demand for heating oil is 0.7 in the long run also 0.2 in the short run.
Calculate the cross-price elasticity of demand. Given the elasticity you calculated, did it make sense for supermarket to raise its price.
Illustrate would be its profit-maximizing cost if the company were to build the bridge.
How many tickets to sell to maximize total welfare.
A residential rental property is acquired during the first month of the taxable year, at a total cost (including transaction costs) of $1,200,000.
Write the total and marginal revenue functions.
Compute the equilibrium quantity and price and Calculate the consumer and producer surplus.
Explain why does the profit motive does not automatically avoid air pollution in the production of steel and other products.
Each firm can monitor the other's price very closely and can respond instantly
Calculate the price and quantity associated with the perfectly competitive outcome.
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