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Suppose a firm's demand curve is given by P = 50 - 0.25Q. What is the price elasticity (value of) of demand for the demand curve when the price is $10. Is that demand elastic or inelastic and why?
Firms hurt by cheap imports typically argue that restricting trade will save U.S. jobs. What’s wrong with this argument? Are there ever any reasons to support such trade restrictions?
Fifty years later, the federal resources for public education shows approximately 10% of the public education budget.
Utilize these values at this point on demand to make the subsequent computations.
Sam spends $6/wk on orange juice and apple juice. Orange juice costs $2/cup while apple juice costs $1/cup. Sam views 1 cup of orange juice as a perfect substitute for 3 cups of apple juice. Find Sam’s optimal consumption bundle of orange juice and a..
Joe agreed with Auto Insurance Co. not to use his auto for commercial business purposes when he purchased auto insurance. Joe had an accident while delivering pizzas for Bigger Pizza Inc. What type of violation has Joe engaged in?
Suppose that between 2003 and 2007, one group of individuals (Group 1) received job training while another otherwise similar group (Group 2) did not. Suppose that the average earnings of the first group went from $40,000 per year to $55,000 per year,..
Average inflation rates tend to be higher in countries that have relatively weak judicial systems and property rights (remember chapter 1 and the importance of secure property rights?). Why do you think this is the case? Would you expect these countr..
Two firms compete under Cournot competition with constant marginal costs c1 = 2 and c2 =6. The market demand is p=24?q. Compute the market share of each firm, the market price, and the total quantity produced in the market.
Suppose an economy that is initially at full employment faces a substantial increase in the factor cost of production. Discuss (with the aid of aggregate output market and money market diagrams) the short-run effect on output, unemployment, general p..
Select a consumer product or service you are familiar with and identify four possible market segments. Use the categories seen in class (geographic regions, demographics, psychographics and behavioral variables
The city of Sundown is considering a plan to build a convention centre to revitalize the downtown area. The project requires hiring workers in the construction union. Because of unionization, the workers’ wage rate is above the value that would be de..
what is the derivative dQ/dP at P = $1? d) For each demand curve, what is the point elasticity dQ/dP at P = $1?
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