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Suppose that market price of gas increases from $2 to $3 per gallon and quantity demanded for this good falls from 24 to 18 gallons per week. Calculate price elasticity of demand and interpret the result.
Suppose that weekly income of a household decreases from $1,200 to $1,000 and quantity demanded for gas falls from 18 to 14 gallons per week. Calculate income elasticity of demand and interpret the result.
Suppose that market price of diesel fuel falls from $5 to $3 per gallon and afterwards weekly quantity demanded for gas decreases from 18 to 16 gallons per week. Calculate cross-price elasticity of demand for gas and interpret the result.
Suppose that market price of gas increases from $4 to $5 per gallon and quantity supplied for this good increases from 13 to 17 gallons per single car weekly. Calculate price elasticity of supply and interpret the result.
El Paso Water Utilities (EPWU) purchases surface water for treatment and distribution to EPWU customers from El Paso County Water Improvement District during the irrigation season. A new contract between the two entities resulted in a reduction in fu..
Don Ball is a 55-year-old engineer. According to mortality tables, a male at age 55 has an average life expectancy of 21 more years. Don has accumulated $150,000 toward his retirement. He is now adding $5000 per year to his retirement fund. What is t..
A price discriminating firm will charge the lowest price when the price elasticity of demand is. Which of the following industries is most likely to represent the monopolistic competition market structure? In the Kinked Demand curve model, price ten..
Calico Computing is a firm that sells software integration and infrastructure packages to schools and universities. Georgia Redding is an inside sales representative with Calico Computing. As an inside sales representative, her sales presentations ar..
Assume for simplicity that a monopolist has no cost of production and faces a demand curve given by !Q = 150−P. Calculate the profit maximizing price-quantity combination for this monopolist. Calculate the monopolist’s profits.
Write an essay on the topic: Virtue between 3-5 pages
During recessions the unemployment rate in our economy is usually quite high. Why is this difficult to explain using the Classical Model? How coulf the Keynesian Model explain it?
Medical costs are once again rising rapidly, forcing health care back into political prominence. This issue direct affects you as a student, family member, employer, and/or employee. The problem of medical costs is so pervasive that it underlies thre..
What are are externalities? Differentiate between negative and positive externalities? In your answer, provide an example of each and explain why they are negative or positive externalities.
During the energy crisis of the 1970s, and again in the last 5 years, Congress bemoaned the “price gouging” and “windfall” profits of the major oil companies. In the 1970s Congress imposed an “excess profits tax” on these companies. If “excess profi..
What institutions explain why workers in some countries have more capital than workers in other countries?
Why do monopolistic competitors have a tendency to advertise much more than perfectly competitive firms?
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