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1. Suppose the demand for baseballs is given by Q = 200 - 8P.
a. waht is the price elasticity of demand when P=6?
b. at what price will total revenue be maximized?
c. what is the firm's marginal revenue when the price is $10?
2. Suppose there are n identical firms in a market. each firm's cost function is given by C= 240+14q^2, where q is the amount that an individual firm produces. this means that an individual firm's marginal cost is given by MC = 30q. Also, the market demand is given by P = 504 - 8Q, where Q is the total amount of the good produced by all of the firms combined. therefore, Q= n*q.
a. how much output will each of them produce?
b. what will be the market price?
c. how many firms will there be in long run equilibrium?
How much can Wells Fargo lend to developer who will repay the loan by selling first 6 view lots out of 13 lots at $190,000 each 2 year from now? Assume the bank will lend at a nominal 14% per year, compounded semiannually.
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An economist for a bicycle company predicts that, other things equal, a rise in consumer incomes will increase the demand for bicycles.
What is the difference between contractionary and expansionary monetary policy?
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