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1. If a 10% decrease in the price of gas causes a 30% increase in the demand for standard sized autos, then the cross-price elasticity of demand is:
2. If the price elasticity of demand of for gasoline is 1.8, then a 15% decrease in quantity demanded is caused by a:
3. A 10% increase in the price of 40 inch LCD televisions which have a price elasticity of demand of 2.5 will cause a:
4. A business newscast claims that the median home price of existing homes fell from $450000 to $350000. Over the same time period the quantity of these homes sold fell from 4100000 to 3900000. Using an arc elasticity formula, calculate the arc elasticity implied. The formula is:
5. The demand for a product is income elastic with an elasticity coefficient of 2.00. If there is a 35% increase in income then what will the increase in demand be?
6. The cross-price elasticity of biscotti demand with respect to the price of Lattes is -2.20 (Lattes and biscotti are complementary goods). If the price of Lattes increases 20% what would you expect the demand for biscotti to be?
Given that the demand for tickets is a binomial random variable with parameters n = 10 and p = 1/2, illustrate how many tickets should she buy in order to maximize her expected profit.
How much has the growth in international trade impacted your company, or industry? Has the devaluation of the U.S. dollar impacted your company, or industry? Explain.
Jaguar Machining needs to purchase a piece of machinery to be able to compete on a new contract with a first-tier automotive supplier. The machinery will cost $140,000 and the owner arranges to borrow the entire amount at 8% interest. By how much ($X..
In 2010, 500 radios were produced and 100 computers were produced. price of radio was 100 and computer was 1,000. In 2015, 550 radios were produced and 900 computers were produced and price of radio was 150 and price of computer was 400 Compute the p..
Elucidate the equilibrium price and equilibrium quantity. Suppose the price is currently $2. What problem exists in the economy? What would you expect to happen to price.
Consider the simultaneous-move game with two players that has no Nash equilibrium in pure strategies, illustrated in Figure 4.14 in Chapter 4. If the game were transformed into a sequential-move game, would you expect that game to exhibit a rst-mover..
Equilibrium quantity must increase when demand
As part of the rehabilitation of the downtown area of a southern U.S. city, the Parks and Recreation Department is planning to develop the space below several overpasses into basketball, handball, miniature golf, and tennis courts. The initial cost i..
A firm's demand function is defined as Q = 14 %u2013 2P. a) Use this function to calculate total revenue when price is equal to 3 and when price is equal to 4. b) What is marginal revenue equal to between P=$3 and P=$4?
Compare the marginal benefits and the marginal costs associated with your purchasing decision. Explain how the strength of the economy as a whole affected the marginal benefits and the marginal costs associated with that decision.
Explain the changes in aggregate demand and the effects of income tax rare cuts and tax credits for businesses in 3 graphs.
A company that manufactures brushless blowers invested $650,000 in an automated quality control system for blower housings. The resultant savings was $160,000 per year for 5 years. If the equipment had a salvage value of $50,000, what rate of return ..
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