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Management of Mr. Taco has completed a study of weekly demand for its “old fashioned tacos” in 23 regional markets. The study revealed the following demand equation: where Q is the number of tacos sold per store per week and P is the price of its own “old fashioned tacos” . A is the level of local advertising expenditure, pop is the local population and Pc is the average taco price of local competitors. For the typical Mr. Taco outlet, P =$1.50, A = $1000, pop = 40 and Pc = $1.
(a) Estimate the weekly sales for the typical Mr. Taco outlet.
(b) Calculate the price elasticity of demand for Mr. Taco’s “old fashioned tacos”. Also calculate the advertising elasticity and the elasticity of demand with respect to the competitors’ price. Should Mr. Taco raise its taco price? Explain.
Suppose that Parvez, a pharmacology student is spending $120 budget on paperback novels and used CD's. For novels, MU/P = 5 ; for CD's, MU/P = 4. Is he maximizing his utility? Why yes, why not? Explain. If not should he consume more novels and fewer ..
What are automatic fiscal stabilizers? How do these stabilizers stabilize real GDP in the face of AD and AS shocks? o What is the role of the simple multiplier [ 1/{1 – MPC(1 – t) – m}] in stabilization of the swings in real GDP? o How the slope of t..
The market demand for gadgets is given byQD=100-3p , where QD is the quantity of gadgets demanded and p is the price of a gadget in dollars. The market supply is given byQ S=p , where QS is the quantity of gadgets supplied. Compute consumer surplus, ..
q1. suppose that two economies initially have the same level of real income and both suffer unanticipated declines in
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Based on the information above, we can expect that over the next twenty years, the average annual percentage change in the peso per dollar exchange rate will be ______.
Describe the growth of the economic role of the federal government since the 1930s. Give two examples of public goods or services that you use. If you could order a cut of $100 billion in federal spending, which programs would you cut and why would y..
calculate the price elasticity of demand for each product and compare with your teammates' elasticities.
The City of Milwaukee is considering suing the manufacturers of handguns and other firearms, on the basis of a “public nuisance.” “Nuisance” is defined under Wisconsin statutes as “any source of filth or cause of sickness.” Does such a lawsuit have m..
If a coal power plant considers the costs of labor and materials, as well as the broader costs of environmental injuries resulting from its power production processes then Its?
q1. using the formula for beta1 and beta0 show what will happen to the estimator of the slope and intercept in the slr
A firm has estimated that the demand for its product comes from two types of customers, type I and type II. Each type I customer (there are 45 of them) has a demand curve given by Q = 20 - P, while each type II customer (there are 50 of them) has a d..
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