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1.Economics/Math Practice-Use the following demand schedule to draw a demand curve. Then find and label a combination of output and price that could result from: (a) an increase in the quantity demanded, (b) an increase in demand, and (c) a decrease in demand.Price Quantity Demanded$1.00 250$2.00 200$3.00 150$4.00 100$5.00 50
2. calculate the exact elasticity of demand in the following examples: Then tell if, in each case, demand is elastic, inelastic, or unitary elastic. (a) When the price of a deluxe car wash rises from $10.00 to $11.00, the number of daily customers falls from 60 to 48. (b) A dentist with 80 patients cuts his fee for a cleaning from $60.00 to $54.00 and attracts two new patients.
FORMULA: Elastic DemandIf demand is elastic, a small change in price leads to a relatively large change in the quantity demanded. Follow this demand curve from left to right.$ 4 - $3 x 100 = 25$410 - 20 x 100 = 10010100% = 4.025%The price decreases from $4 to $3, a decrease of 25 percent.Elasticity of demand is equal to 4.0. Elasticity is greater than 1, so demand is elastic. In this example, a small decrease in price cause a large increase in the quantity demanded.
Casper consumes cocoa and cheese. Cocoa is sold in an unusual way. There is only one supplier, and the more cocoa you buy from him, the higher the price you have to pay per unit. In fact y units of cocoa will cost Casper y2 dollars. Cheese is sold..
An investment of 120,000 will produce an initial annual benefit of $29,000, but the benefits are expected to decline $3,000 per year making second year benefits $26,000, third year benefits $23,000, and so forth.
during the beginning of the 21st century, the growth in computer sales declined for the first time in almost two decades. As a result, PC makers dramatically reduced their orders of computer chips from Intel and other vendors.
Natural real GDP grows by 3 percent per year over the next five years, but then grows by 4 percent in the second year, 5.5 percent in the third year, 4.2 percent in the fourth year, and 3.5 percent in the fifth year. Calculate the cumulative loss..
Bounds Inc. has determined through regression analysis that its sales (S) are a function of the amount ofadvertising in two different media.This is given by the following relationship (X=newspapers,Y=magazines): S(X,Y) = 200X + 100Y - 10X2 - 20Y2 ..
There are six companies in the industry. Assume their sales in the year 2006 are as follows, Determine the concentration ratio in the industry
XYZ Corporation is a manufacturer of widgets. Over the past several months, it has been selling its widgets for $100 each and unit sales have averaged 5,000 units per month. This month its competitor, ABC, Inc. raised the price of its widgets from..
Assume that the company is currently producing 248 units of output per day using 2 units of X and 4 units of Y. The daily cost per unit of X is $135 and that of Y is also $135. Would you recommend a change in the present input combination.
How do you calculate price elasticity of demand If 50 Units of a good are demanded at a price of $1 per unit. A reduction in price to $0.20 results in an increase in quantity demand to 70 Units. Show that these data yield a price elastity of $0.2..
A manufacturer wishes to produce 1,000 metal frames. A setup time of 5 hours is required at the beginning of each batch of 20 frames. Find the setup time per frame in HOURS. hours Find the total setup time to produce the quantity needed.
Suppose economists observe that an increase in government spending of $10 billion raises the total demand for goods and services by $30 billion. If these economists ignore the possibility of crowding out, hat would they estimate the marginal prope..
Suppose the simplified consolidated balance sheet shown below is for the entire commercial banking system. All figures are in billions. The reserve ratio is 25 percent. A. What amount of excess reserves does the commercial banking system have.
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