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Granny’s Restaurant sells apple pies. Granny knows that the demand curve for her pies does not shift over time, but she wants to learn more about that demand. She has tested the market for her pies by charging different prices. When she charges $4 per pie, she sells 30 pies per week. When she charges $5, she sells 24 pies per week. If she charges $4.50, she sells 27 apple pies per week.
a) With these data draw a graph of the linear demand curve for Granny’s apple pies.
b) Find the price elasticity of demand at each of the three prices.
If there are diminishing returns to the variable input, will average variable cost necessarily increase with increase in output?
Others meter water use and charge according to the quantity of water customers use. Compare the way the two systems would affect the cost of water use at the margin and the use of water by rational consumers.
Trade Restrictions Effects on Exchange Rates. Suppose that the Japanese government relaxes its controls on imports through Japanese firm.
The consequences of decriminalizing illegal drugs have long been debated. Some claim that legalization will lower the price of these drugs and reduce related crime. Others claim that more people will use these drugs.
When GDP is high or increases does it indicate higher income If so when GDP per capita increases why do saving ratios decrease when savings is income induced ie a rise in income increases savings and a decrease in income decreases savings
Although "inflation is always and everywhere a monetary phenomenon," explain why: a. the start of a hyperinflation is typically related to the fiscal policy situation, and b. the end of a hyperinflation is usually related to changes in fiscal poli..
Discuss are a good thing since they transfer resources from lower rated to higher rated activities thereby helping to maximize society's happiness?
describes the market structures of oligopoly and monopoly in terms of number of producers, types of products produced, barriers to entry, and whether profit can be made in the short or long run.note whether oligopolies and monopolies are bad or..
Globalization is becoming very important in economic discussions. While some politicians favor protectionist policies because they feel these policies protect domestic producers, others claim free trade increases economic activity and has advantag..
If the inflation rate is 18%, the nominal rate of interest on the CD is 24%, and the interest is taxable (at a rate of 25%), what is the after-tax real interest rate on the CD? Hint: first calculate the after-tax nominal rate.
In the article, several people in this industry complain about thinner profit margins. Can the retail market survive with the current level of profits Do you expect there will be entry of more firms into the retail market
Devise a government subsidy that will induce private education providers to educate socially optimal number of students. Explain. Provide a $ amount for the subsidy.Does it ever make sense to not educate some students. If the example were couched ..
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