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Katherine advertises to sell cookies for $4 a dozen. She sells 50 dozen, and decides that she can charge more. She raises the price to $6 a dozen and sells 40 dozen. What is the elasticity of demand?
Using a graph, introduce a tax on alcoholic drinks in the market. How does this affect the individual firm, and the rest of the monopoly market? Differentiate between the long and short-run.Show this on a graph and explain
Firm Z, operating in a perfectly competitive market, can sell as much or as little as it wants of a good at a price of $16 per unit. Its cost function is C=50+4Q+2Q^2. The associated marginal cost is MC=4+4Q, and the point of minimum average cost ..
Herbert spends all $50 of hes paycheck on food and shelter which each cost $5 per unit what is the equation of hes budjet line ? Sketh the budjet line and two possiable indifference curves
1. What does it entail?
For the next 3 questions, assume that there is a $8 per unit excise tax levied on the consumers of the product. C) What price will buyers pay after the tax is imposed D) What is the deadweight loss created by the tax E) What is the quantity of the go..
It is generally accepted that a fall in the price of a particular brand of a good could lead to less of it being demanded. Where the good in question has but two attributes: attribute 1 and attribute 2. Using Lancaster's characteristics theory in ..
Develop a one year monthly or weekly forecast or a two year quarterly forecast (for the hold out period) using the time series decomposition model you evaluated in c) above.
The majority of the world’s diamonds comes from Country A and Country B. Suppose that the marginal cost of mining a diamond is $1,000 per diamond and that the demand schedule for diamonds is as follows
In 1989 the Detroit Free Press and Detroit Daily News the only daily newspapers in the city obtained permission to merge under a special exemption from the antitrust laws.
Are there any externalities associated with this good Explain whether the private market should provide this good or the government should provide this good. Explain in terms of whether the characteristics of the good would make it difficult to be..
The local government of a city is concerned about increasing rental costs for residents, and decides to impose a ceiling price on the maximum rents that can be charged by landlords on apartments and houses.
What will be the equilibrium price? What will be the equilibrium output for the industry? For each firm? What will profit or loss be per unit? Per firm? Will this industry expand or contract in the long run?
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