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Assume that the demand for product X is represented by the following equation: QDX = 1000 – 10PX – 5PY + 2PZ Which of the products Y and Z is a substitute to X in consumption?
SOLO Inc. is a monopolist in a particular market. It has estimated that the demand for its product is P = 16 - (Q / 2,000) , and the marginal cost of production is MC = 4 +(Q / 1,000) . If the firm uses uniform pricing, then to maximize profits it sh..
The price of oil is determined by supply and demand. The price of oil has been steadily hovering around the 100$-$120 per barrel mark for many years. Base on your understanding of the economic theory of supply and demand; describe why the price of oi..
Is the long-run demand for a factor more, or less, elastic than its short-run demand? Explain why, and illustrate graphically.
Two firms are competing for output. Leader firm market demand is P=1200-Q and other firm demand is Q2=400-0.5Q1. Marginal cost for both is $200. How much is output for firm 1 and 2?
Why is personalization becoming an important element in EC? What techniques can be to learn about consumer behavior? How can it be used to facilitate customer service? Give an example
The late 1990s in Canada was characterized by substantial economic growth with little inflation; that is, potential real GDP increased with little, if any, increase in the aggregate price level. Describe what must have been happening to Canadian aggr..
Suppose the nominal interest rate is i = 10%, the time cost of a round trip to the bank is $25 and annual expenditure is $72,000. Calculate the optimal number of trips to the bank using the Baumol-Tobin model. How much is withdrawn in each trip?
One convenient way to express the willingness-to-pay relationship between price and quantity is to use the inverse demand function. In an inverse demand function, the price consumers are willing to pay is experessed as a function of the quantity avai..
What are the dimensions of sustainable community development. Name four and explain their interrelatedness. What are the three aspects or roles of the biosphere reserves? In your own opinion, which one of the three roles are the most important.
You are the manager of a firm that receives revenues of $60,000 per year from product X and $80,000 per year from product Y. The own price elasticity of demand for product X is -1.5, and the cross-price elasticity of demand between product Y and X is..
Representatives were to logroll (trade votes) to get their preferred policy to pass, what would be the result. What are the total benefits from each project.
The different forms of globalization have no effect on one another. The modern state emerged following the American Revolution. There are six identifiable waves of globalization. The integration of European Union countries was a key issue in the 2011..
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