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Suppose the own price elasticity of demand for good X is -3, its income elasticity is 2, and the cross price elasticity of demand between good X and Y is -5. Determine how much the consumption of this good will change if:
1. The price of good X increases by 5%
2. The price of good Y increases by 12%
Compare the change in the quantity of raw steel exchanged at the market level with the change in raw steel produced by a representative firm. How do you explain this difference?
A Fenway park, home of the Boston Red Sox, seating is limited to 39.000. Hence, the number of tickets issued is fixed at that figure. Seeing a golden opportunity to raise revenue.
q. 1 the cost to drive on a freeway is 0 at all times of the day. this cost establishes equilibrium at 3 a.m. however
Louisa is managing a training program for a major bank. She designs the following experiment to assess the effect of sleep on learning. A group of trainees is given a 3-hour session on some task, followed by a 2-hour test on what they have just learn..
hat drug is nearly through clinical trials, and is expected to produce an acceptable return on the investments that have been and will still need to be made in it.
q.suppose the demand function for corn is qd10-2 and supply function is qs3p-5. the government is concerned that the
Assume that at this time in the nation of Economic when families split up there are no required child support payments.
UPS offers overnight package deliver to canadian business customers .UPS has recently decided to expand its facilities to better satisfy current and projected demand. current volume total 2 million packages per week at price of $ 12 each ,and average..
Ear Us production function is Q=KL. The company over the years uses input rates of 60 and 75 for capital and labour respectively. The price of capital is $40 and labour is $35 per ear phone. If $58000 is allocated to production, what is the maximum o..
Which of the following is an example of monopoly?
You are trying to decide between buying a Toyota Camry and Honda accord. The initial cost of Camry and accord are $23,000 and $25,000, respectively but the annual maintenance of Camry is estimated to be $200 more compared to accord. What is the incre..
Elucidate how on your diagram also calculate the profit maximizing output also price. Calculate the consumer surplus at the profit maximizing price also quantity.
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