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The elasticity of demand for home computers is -2.5, the elasticity of demand for business computers is -.90, and the elasticity of supply for computers for both purposes is 1.
A per-unit tax of $200 is imposed on the suppliers of computers. How much does the gross price increase in each market?
Suppose the untaxed market equilibrium price and quantity in the home computer market are $850 and 10 million, respectively. In the business market, the untaxed market equilibrium price and quantity are $1200 and 15 million, respectively. What is the deadweight loss of the $200 tax?
You're an entrepreneur and you've opened a restaurant in a nice area of town. Describe at least two long run decisions which you require to make about the business.
Think of another good that you have purchased recently (or you could continue with the good you selected in TDA I). Be specific (e.g. is it breakfast cereal in general or Cheerios cereal specifically). If the price of this item increases, how woul..
imagine that you work for the maker of a leading brand of low-calorie microwavable food that estimates the following
Assume that product Alpha and product Beta are both priced at $1 per unit and that Ellie has $20 to spend on them. She currently buys 8 units of Alpha and 12 units of Beta. The marginal utility of Alpha is 40, and the marginal utility of Beta is 2..
i.a. what is gross domestic product gdp and what is the use of it?b. comment on how well this measure serves its
A profit-maximizing firm in a competitive market is currently producing 100 units of output. It has average revenue so $10, average total cost of $8 and fixed cost of $200. what is the profit.
you have been hired in the finance department at a large metropolitan for-profit hospital. your duties are very
in the 1990s pfizer inc. developed a new antibiotic called trovan trovafloxacin mesylate. tests showed that in animals
What market structure is used to benchmark allocative efficiency and why do we use it? Illustrate and explain using a diagram
Describe the behavior of consumption, investment, labor, productivity, wages, the price level and the money supply over the business cycle both in terms of correlation, magnitude and lead vs lag. Give the economic intuition of the results on consu..
Describe why marginal analysis must be used in decision making with examples. Also, give examples of poor decision-making when sunk costs were used to justify choices, and discuss how legal and ethical issues may play a role in making decisions.
A profit maximizing monopolist is earning a postive economic profit. If workers wages rise, what happens to price and quantity ?(assume that the monopolist is still earning a positive profit after the wage increase). Is the monopolist better or wo..
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