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Suppose you have a demand function given by: Q = 360 ? 2P. What is the price elasticity of demand when the price is P = $20? You will have to use the point elasticity formula.
Jon consumes only two goods: coffee and donuts. When the price of coffee falls, he buys the same amount of donuts and more coffee. Draw a indifference curve and Budget line diagram to illustrate Bob's pattern of consumption. What does this tell us ab..
Show the graphical implications of agricultural production increasing at a rate that is faster than population increases during the same time period. Explain the outcomes.
make a recommendation to your neighbor based on convincing economic analysis.
Two firms compete in quantities, selling identical goods, facing the demand function P(Q) = 130−q1− q2 where qi is the output level of firm i. Assume that firm 1 is more efficient than firm 2, MC1(q) = 10 and MC2(q) = 20. Find the NE quantities of th..
When economists attempt to predict the spending patterns of U.S. households, they will typically view the ____________ as a primary determining factor that influences the individual consumption choices that each will make. The step-by-step process of..
Suppose the demand for honey is given by Q=500-4p. Also, suppose there are 80 honey producers in the market. What is the equilibrium price of honey?
The initial cost of constructing a flood control dam is estimated to be $5 million, with annual upkeep costs of $499,526. Annual benefits (e.g., reduced flood damage, agricultural development, and tourism, etc.) are expected to be $1.25 million, wher..
What is an absolute and comparative advantage? Give an example from your own life where you have an absolute, but not a comparative advantage with someone else.
In your opinion, have these measures been effective or ineffective in addressing the major concern or concerns of the business cycle?
Suppose Shiva has preferences different from those discussed in class, as indicated by the following: If he consumes more milk (M) than bread (B), then he will always be willing to give up 2 units of milk for 1 additional unit of bread to remain indi..
what price will the firm charge to maximize its profits? what are total profits? Would a 50% tax on profits alter the firms output? by what amount and why?
Chief Executive Officer (CEO) Pay There are several possible methods for determining the pay of CEOs in large corporations.
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