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Suppose the European Union (EU) is investigating a proposed merger between two of the largest distillers of premium Scotch liquor. Based on some economists’ definition of the relevant market, the two firms proposing to merge enjoyed a combined market share of about two-thirds, while another firm essentially controlled the remaining share of the market. Additionally, suppose that the (wholesale) market elasticity of demand for Scotch liquor is -1.5 and that it costs $15.20 to produce and distribute each liter of Scotch. Based only on these data, provide quantitative estimates of the likely pre- and postmerger prices in the wholesale market for premium Scotch liquor.
Pre-merger price: $
Post-merger price: $
Suppose a linear demand function is estimated for good x as, Qd = 100 – 4*Px + 6*Py + M. where Px = $4, Py = $2, and M =10. M is the average income of consumers, measured in thousands of dollars. What is the relationship between good x and y?
Forecasting models can be divided into three groups
Illustrate how fast will his production and consumption grow over time. Compute the consumption of the farmer in each of the first five years under plans.
Which of the following statements about the provision of public goods is true?
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where, q is the quantity demanded at price p when the person’s income is I. Assume initially that the person’s income is $40,000. Show work & calculations. At what price will demand fall to zero? If the market price for gizmos is $10, how many will b..
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