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A. Suppose the demand function for cable TV service is given by QCTV = 15 - 0.25xPCTV + 0.0005xM + 0.3xPSTV, QCTV is the quantity of cable TV demanded (thousands of households), PCTV is the price of cable TV, M is income and PSTV is the price of satellite TV service. Suppose consumers' income is $50,000 and the price of satellite TV service is $90. At what price would the demand for cable TV services be 55,000 households? A. $67 B. $48C. $12D. There is not enough information to answer the question
B. Consider the relationship given by QCars = 100 + 4xPCars - 2xPSteel - .2xPWorkers, where is the quantity of cars (in thousands), is the price of cars and P is the wage earned by autoworkers. If the price of steel is $10 per unit and the price of workers (the wage) is $20, what is the supply curve for cars? A. QCars = 140 + 4xPCars B. QCars = 100 + 4xPCars - 2xPSteel - .2xPWorkers C. QCars = 100 + 4xPCars D. QCars = 60 + 4xPCars
The manager of EverClean finds two output levels that appear to be optimal. Show what these levels of output are, and explain which one is actually optimal.
Describe (include an explanation of economic profit in your explanation). Will price be higher or lower under such the agreement in long-run equilibrium than would be the case if firms didn't collude? Discuss.
Compute the sizes of the consumer and the producer surpluses at the equilibrium price and quantity derived in (1).
Would you consider the demand for eggs to be elastic or inelastic and illustrate and explain with a diagram how can the Government intervene and correct this situation
The various financial indicators suggest that this setting of monetary policy is exerting a degree of restraint on the economy and the high exchange rate and subdued consumer spending are putting downward pressure on some prices, although increases ..
Explain the importance of price elasticity of aggregate demand. That is, what are the different welfare implications with respect to consumer surplus when aggregate demand is elastic compared to when aggregate demand is inelastic?
A Federal Reserve Bank has employed the economic consulting company to make a paper on how the use of money has changed over the past twenty years.
Draw the AC function on the same graph. What is the firm's long-run supply curve? That is for every price p, how much will the firm produce in the long-run? Which curves are relevant now?
Draw a budget constraint and an indifference curve for an individual who works in period one and is retired (earns no income) in period two. He consumes some of his income in period 1 and saves the rest of his income for period 2.
A monopoly with a more elastic demand curve will have more market power and monopolist can earn positive profits in the long run because it has market power
In the aftermath of September 11 terrorist attacks, the quantity of sold airline tickets in 2002 fell by a large percentage when compared to 2001. During the same time period the average price for airling tickets also fell.
Compute the profit at the end of each year if the hospital continues to use the traditional method for surgical operations and compute the profit at the end of each year if the hospital uses a Robotic Surgery Machine for surgical operations.
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