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Description of Price Elasticity of Demand
Suppose that 50 units of a good are demanded at a price of $1 per unit. A reduction in price to $.20 results in an increase in quantity demanded to 70 units. Show that these data yieled a price elasticity of .25. By what percentage would a 10% rise in the price reduce the quantity demanded, assuming price elasticity remains constant along the demand curve.
For each of the following events, state whether the aggregate demand curve would increase, decrease, or stay the same.
Discuss why the same types of problems may exist in government as well, where elected officials are the agents and voters are the principals.
Describe a moral hazard problem your company is facing. What is the source of the asymmetric information? Suppose that every driver faces a 1% probability of an automobile accident every year. An accident will, on average, cost each driver $10,00..
if the table shows the demand faced by a monopoly company then what is that firms marginal revenues as it increases output from 100 units to 300 units.
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The organization you wish to pursue will convert existing hybrid Toyota Prius automobiles to plug-in hybrid vehicles.
You're the manager of copies are us. The only copy store in town, the carbon copy, recently got bids on adding a colour copier.
Discuss the impact on wages, employment in the industry, and the economic welfare of the following input market structures. In which case will the deadweight loss be the smallest?
The U.S. government spends over $15.8 billion on its Food Stamp Program to provide millions of Americans with the means to purchase food.
Use the data below to find out the growth of income per person (over the entire period, not an annual basis) between the two years listed.
What happens to his consumption of Y? Calculate the coefficient of price elasticity and of cross price elasticity. Also draw the demand curves for X and Y, noting the equilibrium points for this consumer before and after the price change in X.
The advent of the one man bus involved more capital equipment: an automatically operated coin box and door control device - to name two of the capital goods that replaced the conductor."
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