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Looking at the chart below, suggest the kinds of variables that could be used to represent the following factors, which are believed to affect the demand for any product.
Determinants of Demand Suggested Variables toUse in Regression AnalysisPriceTastes and preferencesPrice of related productsIncomeCost or availability of creditNumber of buyersFuture expectationsOther possible factors
Construct the diffusion index from month 2 to 3. This problem, we have three leading indicators and the diffusion index from month 1 to 2 is 66.7 (=2/3) because two indicators move up and one moves down
Suppose the demand for a product is given by P = 60 - 2Q. The supply is given by P = 10 + 3Q. If a $10 per unit excise tax is levied on the buyers of a good, what will be the deadweight loss created by this tax.
In 2005, APEX received a tax credit for production of its solar panels through the US Department of Energy's Energy Efficiency and Renewable Energy procurement plan.
Assume a certain firm in a competitive market is producing Q = 1,000 units of output. At Q = 1,000, the firm's marginal cost equals $15 and its average total cost equals $11. The firm sells its output for $12 per unit.
Explain the relationship between AP and MP. Be sure to use graphs to help support your answer. Calculate the MP and the AP for each worker
Write a brief report describing what shift factors of supply and/or demand might be at work and how you would label those factors. Conclude the report with your forecast of what would likely result one month after the publication of the article.
In each case, do you think the household is better of f or worse off, or is the answer ambiguous? If ambiguous, what does the answer depend on?
At which rate will there be an excess supply of money? What does this mean? Describe in detail the adjustment process in the money market when there is an excess demand for money.
Calculate the price elasticity of demand for Einstein's Bagels and explain what it means. Derive an expression for the (inverse) demand curve for Einsteins's Bagels.
Suppose that a profit maximizing companies short run cost is TC=700+60Q. If the demand curve P=300-15Q, which of these options should it do in short run?
Why might you expect to see flat royalty payments in home-based franchises but revenue-based royalties in franchises that operate from commercial buildings?
Consider A monopolist that faces the constant elasticity demand curve y(p) = p^a where a 0.Also assume that the monopolist pays a quantity tax of t > 0.
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