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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.
Suppose that a bank's customer deposits $4,000 in her checking account. The required reserve ratio is 0.25. What are the required reserves on this new deposit. What is the largest loan that the bank can make on the basis of the new deposit.
A monopolist faces a demand curve given by: P = 220 - 3Q, where P is the price of the good and Q is the quantity demanded. The marginal cost of production is constant and is equal to $40. There are no fixed costs of production.
Economic 101 The supply of luxury boats is perfectly elastic, the demand for luxury boats is unit elastic, and with no tax on luxury boats, the price of luxury boats is $1 million and 240 luxury boats a week are brough. now luxury boats are taxed ..
Find the Subgame Perfect Nash Equilibrium where rm 1 chooses its quantity in the rst stage, then in the second stage rm 2 makes its quantity choice. Find the equilibrium quantities, price, and prots. Which rm produces more in equilibrium Find the ..
Show what the consumer's indifference curves look like and determine both graphically and algebraically what consumption bundle (C,L) the consumer chooses. Show that optimal consumption bundle depends on the relationship between a/b and w, and expl..
Suppose that a perfectly competitive consant cost industry if initially in short and long-run equilibrium. In general, what will be the effect of an increase of $10 per uni in varialbe coss on he short-run equilibrium price, the short-run industry..
This question considers a closed economy Keynesian model that is augmented to include transfers payments to consumers (Tr = Transfers) that increase consumers' disposable incomes and lower government savings. a) Suppose you had the following c..
Determine the effect of mandated health insurance profits be on the labor if the employees do not place any value on the benefits? What if they do place value on the profits?
A biomass plantation operator can invest $1,000 today to plant a new crop of trees, which, is estimated, can be sold at a net gain(sales-harvesting costs) of $10,000 in 40 years. Determine whether this is profitable if a rate of return of 7%/yr is..
The price at point a is $70 and the price at point c is $10 per bag. The price at point d is $56 and the price at point e is $31 per bag. The price at point f is $67 and the price at point g is $32 per bag.
Consider that the U.S. supply of ethanol follows the function S(p) = 5p, and that the US demand for ethanol is D(p) = 13.5 - 2.5p. Without any government role, there are in equilibrium 9 Billion gallons/year transacted at a price of $1.80/gallon.
Gov. Expend. Tax rev. 170 90 450 170 110 550 170 130 650 170 150 750 170 170 850 Refer to the accompanying table for Waxwania. a. What is the marginal tax rate in Waxwania percent The average tax rate
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