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If the price elasticity of demand of a product is -5, and the income elasticity of demand for the product is 2.5. If a 0.5 % decrease in product price as accompanied by a 1% decrease in consumer income, the firm's total sales will?
Consider an industry that consists of two firms, A and B. They face a demand curve q = qA + qB = 14 - p, where p is the industry price of output. Both firms have constant average and marginal cost of $2. Suppose they form a cartel and choose the pric..
Discuss " Institutional changes in developing countries have been slow and despite the flurry of modern technologies in recent years the impact is modest and behaviors continue to be driven by old traditions"
Price Quantity Demanded $200 1000 $150 1400 $100 1800 Suppose that the Tennessee Titans' owner, Bud Adams, is considering a plan in which fans who donate blood get a $20 reduction in their ticket price. If both ticket REVENUES and blood donations (i...
Consider a firm where production depends on two inputs labor and capital with prices w and r, respectively. Initially the firm faces market prices of w = 4 and r = 8. These prices then shift to w = 8 and r = 8. What is your prediction for the firm's ..
How could union members’ current annual incomes decline on net even if a long-lived strike induces a firm’s management to increase the hourly wage rate? Sometimes union memberships coordinate work stoppages when all workers call in sick. From an econ..
Discuss the impact of major accounting/financial scandals on investors’ asset preferences. In your opinion how do the scandals affect foreign markets? Discuss two macro variables that affect changes in interest rates/or markets. If you watch these va..
Mike borrowed $20,000 from a credit union to buy a car at 8.5% interest per year compounded monthly for 60 months. The monthly payment for Mike is equal to _______________?
Net income=5,000, depreciation=2,500, increase in deferred tax liabilities=500, decrease in accounts receivables=2,000, increase in inventories=9,000, decrease in accounts payable=5,000, increase in liabilities=1,000, increase in property & equipment..
1. derive the fundamental equation of the solow model2. country a as well as country b both have the production
In the US, realized capital gains are taxed at 15% if they are held for more than a year. Suppose instead that we include realized capital gains (those held for more than a year and less than a year) in income instead so that they are added to an ind..
Consider a perfectly competitive market described by the per-period supply function P = 20 + 0.3Q and per-period demand function P = 120 - 0.2Q. If the government intervenes in the market and imposes upon firms a specific tax of t = $5 per unit of ou..
Assume that the wholesale skim milk market is perfectly competitive. Suppose demand is described by P=5.10-0.80Q and supply is described by P=1.90+0.20Q. If there are no price controls, what would be the equilibrium quantity?
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