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(Calculating Price Elasticity of Demand) Suppose that 60 units of a good are demanded at a price of $6 per unit. A reduction in price of $0.70 results in an increase in quantity demanded 75 to units. Show that these data yield a price elasticity of ____. By what percentage would a 7 percent rise in the price reduce the quantity demanded, assuming price elasticity remains constant along the demand curve?
Cash flows of two mutually exclusive projects are as follows. Project A costs $80,000 initially and will have a $15,000 salvage value after 3 years. The operating cost with this method will be $30,000 per year.
What appears to be the major constraint that the central banks used to determine the limits of the monetary injections into the economy? Did the United States use the same or different criteria?
The clinic has hired an efficiency expert to examine its operations and make suggestions for reducing costs.For some of the medical procedures done at the clinic, experienced nurses can perform the medical tasks approximately
1.What part does consumer confidence play in GDP? Research the term "animal spirits" and how it applies to business confidence. Can you give an example of consumer confidence in your life? 2.What part does the government play in economic growth? How ..
A study finds that leaf blowers make too much noise, so the government imposes a $10 tax on the sale of every unit to correct for the social cost of the noise pollution. The tax completely internalizes the externality. Before the corrective tax, Blow..
Soft selling occurs when a buyer is sceptical of the usefulness of a product and the seller offers to set a price that depends on realized value. For example, suppose you're trying to sell a company a new accounting system that will reduce costs by 1..
What are profits if the firm chooses the profit-maximizing price and what are profits if the firm chooses a penetration price equal to marginal cost?
As the flexible farmer approaches the marketplace, the farmer substitutes non-land inputs for land. As a result, the land-rent function of the flexible farmer is steeper than the land-rent function of the inflexible farmer.
Steel grave Financing offers payday loans. The firm charges a $10 interest fee for a two-week period on a $300 loan. What are the effective and nominal annual interest rates on this loan?
A Firm has total cost function given by following: What is the Total fixed cost when Q = 100? And Average fixed Cost when Q=100?
Suppose that Jones and Smith have each decided to allocate $1000 per year to an entertainment budget in the form of hockey games or rock concerts
Suppose the commercial banks keep no excess reserves, and people deposit all their money they receive into the banking system. Suppose the required reserve ratio is 0.05 (5%). Suppose the Federal Reserve wants to increase the monetary base by $2,000,..
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