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The price of a product is $5 and the quantity demanded is 250 units/week. When the price is increased to $7 the quantity demanded falls to 125.
a. Calculate the percent change in price and percent change in quantity demanded.
b. Calculate the price elasticity of demand using the arc and midpoint formula. Explain what this describes (ex. for every 1% change in price....)
c. Describe the price elasticity of demand (elastic, inelastic)
d. Describe whether the pricing decision was correct assuming the firm desires to maximize total revenue.
What is the labor market classification of each of the following individuals? Be as specific as possible, and explain your answer. Julie has a graduate degree in mechanical engineering. She works full time mowing lawns. Jeff was laid off from his pre..
The EU is the biggest common market worldwide. Please name the most important facts that describe the size and importance of this market.
Suppose that the price per unit of input A is 8 euros and the price per unit of input B is 5 euros. What is the minimum cost of producing 100 units of output Y for the firm if the firm’s production function is Y = 4A + B/5
Utilizing the preceding write equations for total cost, average cost, and average variable cost.
Illustrate what factors might explain why the $A went so low when the Global financial crisis hit the world economy in late 2008?
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A no production economy has 2 consumers (A and B) who each consume two different goods (x and y). Person A is endowed with (120,270) and has a utility function Ua(Xa,Ya)=X^(2/3)Y^(1/3). The initial endowment, the IC that go through the initial endowm..
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In 2016, a nation's population was 10 million, its real GDP was $1.21 billion, and its GDP deflator had a value of 121. By 2017, its population had increased to 12 million, its real GDP had risen to $1.5 billion, and its GDP deflator had a value of 1..
On a trip to the grocery store you want to purchase oranges, but the price is pretty high due to the canker disease that has affected the crops. What are your choices? Do you have alternatives? What causes a shift in the demand or supply of oranges (..
An economist, has the following information about Lais Island, a closed economy, for the year 1820: Y = 10,000 C = 6,000 T = 1,500 G = 1,700 The economist also estimates that the investment function is: I = 3,300 – 100 r Where, r is Lais Island real ..
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