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Consider the following demand and supply relationships in the market for golf balls: Qd = 90 − 2P − 2T and Qs = −9 + 5P − 2.5R, where T is the price of titanium, a metal used to make golf clubs, and R is the price of rubber. a) If R = 2 and T = 10, calculate the equilibrium price and quantity of golf balls. b) At the equilibrium values, calculate the price elasticity of demand and the price elasticity of supply. c) At the equilibrium values, calculate the cross-price elasticity of demand for golf balls with respect to the price of titanium. What do the sign of this elasticity tell you about whether golf balls and titanium are substitutes or complements?
Perform an annual equivalence analysis for the two options, and state which is the better option and why. Calculate the present worth of the incremental system (1 - 2): and state which option is better and why.
If production of an item results in negative external costs, then the market price is below the socially referred price that reflects the external costs the market price is above the socially preferred price that reflects the external costs market fo..
Elucidate what is meant by the paradox of mercantilism. Explain how was this reflected in mercantilist wage and population policies.
Management and a labor union are bargaining over how much of a $50 surplus to give to the union. The $50 is divisible up to one cent. The players have one-shot to reach an agreement.
Explain how does the subsidy affect consumer surplus, producer surplus, tax revenue, and total surplus. Does a subsidy lead to a deadweight loss. Explain
A company produces two main products: electronic control devices and specialty microchips. The average total cost of producing a microchip is $300; the firm then sells the chips to other high-tech manufacturers for $550. Should the company produce co..
Why is efficiency lost at the boundaries as when substantially more of one good and very little of another is produced.
Perpetuity A pays $ 100 at the end of each year. Perpetuity B pays $ 32 at the end of each quarter. The present value of Perpetuity A is $ 1428.57. Calculate the present value of Perpetuity B using the same effective annual rate of interest.
Sketch the payoff matrix for this game. Identify any possible Nash equilibria in pure strategies for this game."
A business is generating $1000 a month for the next 5 years at a nominal interest rate of 12% compounded monthly. How much cash should one pay for it?
Illustrate what level of control variable are net benefits maximized. Illustrate what is relation between marginal benefit and marginal cost at this level of control variable.
According to the production possibilities model, does a reduction in the unemployment rate cause the economy to grow (yes or no)? Explain why or why not. What about Improvement in technology.
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