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The demand for inflatable garden gnomes is given by P = 300 – 2Q, while the supply of is P= 100 + Q/2. How many garden gnomes are traded in equilibrium?
Suppose that the market for gnomes is yet to reach equilibrium, and that the current price and quantity in the market for gnomes in the previous question is P = 150 and Q = 75.
What is the absolute value of the elasticity of demand at this point on the demand curve?
Ann McCutcheon is hired as a consultant to a firm producing ball bearings. This firm sells in two distinct markets, each of which is completely sealed off from the other. What price should managers charge in each market?
Assume there are 400 families in a community. Each of these families spends exactly $100 plus one-half of its total income each week on consumption. Half of the 400 families are considered poor-they each receive incomes of $200/week. The other hal..
Consider another policy where the government could impose a price ceiling p on the monopolist. If the government were interested in maximizing social surplus, what would be the optimal value of p when considered from the point of view of the gover..
At present current business how do changes in macro environment effect individual companies and industries through microeconomic factors of demand, production, cost, and profitability?
At a recent meeting, the president and the CEO of Production, Inc. got into a heated argument about whether or not to shut down the company's plant in Flint, Michigan. The plant currently loses $50,000/month. The president of Production, Inc. argu..
What are the necessary conditions for positive equilibrium prices and quantities? (b) What is the economic interpretation of the parameter "f"? (c) What will be effect (increase or decrease) of an increase in exogenous income on P*, the equilibrium p..
MICROECONOMICS
Compute the value of the marginal propensity to save. Compute the amount of autonomous planned spending, Ap, given that the interest rate equals 5. Compute the equilibrium level of income, given that the interest rate equals 5.
The government wants to decrease the consumption of electricity by 10 percent. The price elasticity of demand for electricity is -0.4.
The payoff matrix below shows the payoffs for two coffee manufacturers, Cambridge and Greystone, which are deciding whether to advertise. The blue payoffs show Cambridge's profit for different strategies selected by each firm. The orange payoffs s..
farmers to lose fund since the demand for food is inelastic meaning the price refuse proportionally faster than increase in quantity sold.
The technology is now expanding so that road use can be priced through computer. A computer in surface of the road picks up a signal from your car and automatically charges you for use of road.
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