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The estimated monthly sales of Mona Lisa paint-by-number sets is given by the formula q = 98e−3p2 + p, where q is the demand in monthly sales and p is the retail price in hundreds of yen. (a) Determine the price elasticity of demand E when the retail price is set at ¥700. E = Incorrect: Your answer is incorrect. Interpret your answer. The demand is going Correct: Your answer is correct. by % per 1% increase in price at that price level. Thus, a large price Correct: Your answer is correct. is advised. (b) At what price will revenue be a maximum? hundred yen (c) Approximately how many paint-by-number sets will be sold per month at the price in part (b)? (Round your answer to the nearest integer.) paint-by-number sets per month
What are the four tenets of natural capitalism. Please explain and tell us which one is in your opinion the most crucial. Discuss ecological footprinting, what does it mean and what are its implications for a given society.
Compare the development of two imperial powers. What factors inspired these nations to develop empires? How did the powers first gain control over their imperial territories? How did they administer their territories? What role did the local populati..
Discuss several reasons why the labor market is not as felxible as it used to be? Identify and outline (in detail) the three reasons the article gives for why there might be "structural obstacles to job growth"
the short-run equilibrium values; and vi. the long-run equilibrium values. State in words what happens to prices and output in the short run and the long run.
Each potential bidder writes down a bid on a piece of paper. buyer with highest bid gets item and has to pay third highest bid. Is there dominant strategy equilibrium for this auction. Make sure you exhaust all possibilities.
The constant price elasticity of demand for cigarettes has been estimated to be -0.5. To reduce smoking by 50%, approximately how much tax needs to be added to a $1 pack?
Select the scenarios that result in lower prices if they were to occur in isolation? If the price of substitute increased the result would be __________ prices, and we would say__________. Consumers can make costly mistakes when not enough informatio..
You and your neighbor meet at the University Inn. Your neighbor suggests that the trouble is too much government spending in the economy. Outline how this may be correct, in terms of fiscal policy. A Wall Street Journal writer enters the argument and..
Explain the connection between- tax burdens and elasticity, excess burden and elasticity
Determine the steady state level of capital, income and consumption (all per unit of labor) as a function of the savings rate and the depreciation rate. Suppose that the depreciation rates is 10% per year. Compute consumption per unit of labor for a ..
Suppose that you are the economic advisor to a local government that has to deal with a politically embarrassing surplus that was caused by a price floor that the government recently imposed. Your first suggestion is to get rid of the price floor, bu..
Identify and discuss a benefit that NAFTA has produced fo the United Stateseconomy. What are the main economic and political arguments for regional economic integration? Do you think it is correct for the European Commission to restrict mergers betwe..
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