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Suppose the demand function is Qxd = 100 - 5Px + 2Py - M. If Px = $4, Py = $2, and M = $50, what is the cross-price elasticity of good x with respect to the price of good y?
Choices are:
2, .12, .24, or -4.88
Suppose the market price of tuna is $3.50/pound. Explain how many fisherman should the company use if the daily wage rate is $100.
determine the output that would generate a total profit of $60,000 and the total sales revenues at the output level; draw the cost-volume-profit chart.
Your study partner is confused by upward-sloping short-run aggregate supply curve and vertical long-run aggregate supply curve. How would you explain why these slopes differ.
Estimate cost elasticity of demand for education at this university. Is cost elasticity of demand for university tuition elastic or inelastic according to answer in part (i) Why.
Suppose that during the past year tv fell from $2000 to $1800 per tv sales increased from 700000 to 800000 tv. calculate elasticity of demand.
propose to model his tastes in the following way: For any 2 bundles A and B of "grams of cocaine" and "dollars of other consumption.
One point made is that most demand curves are downward sloping. Can you think of any situation where an individual's demand curve for a product is upward sloping.
Illustrate what is the effect of this policy on the interest rate in the long run.
Now suppose as a result of a mandated increase in the minimum wage the wage increases to $80. What would be the implication of this change for this firm?
What considerations come into play when considering whether the United States or any other political entity is spending the right amount for environmental quality improvements
Assume to latest discoveries in biochemistry significantly lengthen our life expectancy. Illustrate what is the impact on the educational attainment of workers
Compute the new equilibrium wage and the new number of jobs. Will the number of jobs increase or decrease.
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