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During the past year, the average price of lots along Lake Michigan in Carol Beach rose from $2,500 to $3,000 per foot of lake front. At the same time, sales of new homes located off the Lake rose from 40 to 70 units.
a. Calculate the cross elasticity of demand. EC=
b. Are lake front lots and new home lots off the lake compliments or substitutes. Type in either substitutes or compliments.
A pharmaceutical company has hired you to perform an economic analysis on a currently ongoing project. Experts from the company have estimated the market for the drug and thus the potential revenues for the drug are knows, but the relevant costs a..
Compute the marginal rate of substitution of apples for bananas using the marginal utilities. Compute the value of the MRS at (2,4) and at (1, 16).
Estimate whether each of the following would cause a shift of the aggregate demand curve, the aggregate supply curve, neither, or both.
without knowly the demand function can we say how much broccoli each firm produces in long run equilibrium? if so under which assumption. if not explain why?
Calculate Alex's income elasticity of demand for bagels and what is the pasta sauce makers' estimate of the cross elasticity of demand for pasta sauce with respect to the price of pasta?
Aztec Enterprises depends heavily on advertising to sell its products. Management at Aztec is allowed to spend $2 million monthly on advertising, but no more than this amount.
An order written by the exporter instructing the importer, or their agent, to pay a specified amount of money at a specified time is a: Note Payable,Draft;Promissory Note;Check.
Many analysts in both developed and developing worlds have heavily criticized the cases of monopolies. Discuss using relevant examples whether it is a good policy for the government to completely eliminate monopoly power.
Assuming other things equal and capital and labor are fixed in quantity and using our aggregate production function and factor market diagrams, illustrate what happens to output, the real retal rate on capital, and the real wage of labor following..
How does an increase in the price of widgets affect the: And describe the effects in detail?
Can you identify factors that led to our country's trade deficit? Do you believe our country has developed a great dependency upon foreign goods and natural resources in which manufacturing and production have been hindered domestically as a resul..
Sketch the indifference curves and show where the "corners" are. If the prices or x and y are P_x = 5 and P_y = 1, respectively
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