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Suppose that the price elasticity of demand for cigarettes is.46 in the short run and 1.89 in the long run, the income elasticity of demand for cigarettes is .50, the cross price elasticity of demand between cigarettes and alcohol is -.70. Suppose also that the price of cigarettes, the income of consumers, and the price of alcohol all increase by 10%. Calculate by how much the demand for cigarettes will changeA) in the short run?b) in the long run
The ticket cost Dave $600. To attend the concert Tim will have to take 3 days off from work where his daily compensation is $250. In addition Tim expects travel expenses to be $175 and the cost of a hotel for 2 days to be $275. What is the economi..
A new truck can be purchase for $84,000. Its expected useful life is six years, at wich time market value will be zero. Annual receipts less expenses will approximatetely $18,000 per year over the six-year study period. Use the PW method and MARR ..
Assume that an individual consumes two goods, X and Y. The total utility (assumed measurable) of each good is independent of the rate of consumption of other good. The price of X and Y are respectively $40 and $60.
Dennis is only interested in two things, eating food and playing the online multiplayer game Globe of Gratuitous Violence (GoGV) - a close competitor to world of warcraft. Dennis's utility is given by the function U(qf,qg) = 0.25ln(qf) + 0.75ln(qg..
Where Q measures the number of units of the public good and P is the price in dollars. The marginal cost of providing the public good is $180. a) What is the economically efficient level of production (Q*) of the good? b) Illustrate your answer on ..
Machine A costs $15,000, has $1,600 in annual operating costs, produces an annual benefit of $8,000, has a useful life of 7 years, and can be sold for salvage at the end of its useful life for $3,000. Machine B costs $25,00..
Following are observations on the market price and the quantity of good X produced and consumed in three different years: $10 and 100 units, $4 and 57 units, and $8 and 88 units. Can we conclude that the market demand for X slopes upward
The European Engine Corporation is a multi-national producer of small gasoline and diesel motors. European Engine Corporation has estimated the following cost experience for a new 3.5 hp engine over a sample of 122 observations,
Suppose two firms 1 and 2 compete in quantities and face a demand curve p = 100 - q. Suppose firm 1 has a constant marginal cost of 10 while firm 2 has a constant marginal cost of 40. Suppose they produce quantities simultaneously. a. Find q..
A company will need $65,000 in 5 years for a new addition. To meet this goal, the deposits money in an account today that pays 7% annual interest compounded quarterly. Find the amount that should be invested to total &65,000 in 5 years.
Suppose that a monopolist is selling in two distinct markets each sheltered from the other, and the marginal revenue of each product is given below and the marginal cost of each is the same as indicated. How much of each good will the firm produce..
The price earnings ratio for each stock is determined through dividing the value of a share of stock by the earnings per share reported by the firm for the most recent 4-quarters.
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