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5. The demand curve for a product is given by Qdx = 1,000 - 2Px +.02Pz where Pz = $400. (Hint: If you're not comfortable with the calculus alternatives, compute Q at the given prices, then again with a 1% increase in price. Then figure percentage change in Q over the percentage change in P, %?Q/%?P). a. What is the own price elasticity of demand when Px = $154? Is the demand elastic or inelastic? What would happen to the firm's revenue if it decided to charge a price below $154? b. What is the own price elasticity of demand when Px = $354? Is the demand elastic or inelastic? What would happen to the firm's revenue if it decided to charge a price below $354? c. What is the cross-price elasticity of demand between good X and good Z when Px = $154? Are good X and good Z substitutes are complements?
in which market structure model may firms earn economic profits in the long run?select onea. perfect competitionb.
Determine the best possible way to account for inflation when considering where to invest your money. Provide specific examples to support your response
suppose that the required ratio is 20 percent. a banks customer deposits into her account 100000 dollars in funds from
Antonio, an accountant working for the city of Santa Cristina,decides to forego his annual vacation to Hawaii when word leaks out that the city may be cutting all employees’ salaries by 10 percent at the end of the year
Fairfield began a living wage that paid all landscapers in the city a wage above the current market wage. Vacaville, a neighboring city, did not begin a living wage. Below are employment date for the year before and the year after the living wage ..
In the 1992 presidential elections, Ross Perot was speaking of NAFTA, which both of the other candidates (George H.W. Bush and Bill Clinton) supported. He made the statement about NAFTA ‘that giant sucking sound you hear will be your jobs being se..
how can you enhance effective global leadership? what are the four ts for personal development strategies that increase
Explain and show graphically how this market would be affected if there is an increase in the number of dairy farmers that produce hormone-free milk and at the same time south african consumers choose to be more healthy
An owner can lease her building for $120,000 per year for three years. The explicit cost of maintaining the building is $40,000, and the implicit cost is $55,000. All revenues are received
other things constant if the cost of labor goes down the profits of firms willa. increase and short-run aggregate
suppose that a borrower and a lender agree on the nominal interest rate to be paid on a loan. then inflation turns out
There are two goods in the economy, anchovies (a fish) and bananas (a farm product). Draw the economy's production possibilities before and after a natural disaster that lowers the banana harvest but does not affect anchovies.
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