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1. Suppose the own price elasticity of demand for good X is -2, its income elasticity is 3, its advertising elasticity is 4, and the cross-price elasticity of demand between it and good Y is -6. Determine how much the consumption of this good will change if:a. The price of good X increases by 5 percent.b. The price of good Y increases by 10 percent.c. Advertising decreases by 2 percent.d. Income falls by 3 percent.
2. You are division manager at Toyota. If your marketing department estimates that the semiannual demand for the Highlander is Q = 100,000 - 1.25P, what price should you charge in order to maximizes revenues from sales of the Highlander?
Each bank teller workstation is forecasted to process 400 transactions (the end-item) on Friday. The bank is open from 9:00 am to 7:00 pm on Friday with 90 minutes for lunch and breaks. Three teller windows are open on Friday
Suppose there are 100 firms in the economy. Let us call them firm 1, firm 2, ..., and firm 100. For firm j (j=1,2,...,100) the labor demand (or equivalently MPN) is Nj = 1 - 0.02w where w is the real wage. Note that labor demand function for the w..
The following data descibes market conditions: Money Supply (in billion) 100 200 300 400 500 600 700 Interest Rate: 8 7.5 7 6.5 6 5.5 5 Rate if investment (billions)$12 $12 $15 $16 $17 $17 $17 (a) At what rate of interest does the liguidity trap emer..
The forecasting staff for the Prizer Corporation has developed a model to predict sales of its air-cushioned ride snowmobiles. The model specifies that the S vary jointly with disposable personal income Y and the population between ages 15 and 40,..
complete the short-run supply schedule for the firm and indicate the profit or loss incurred at each output *QS/SF= quantity supplied, single firm; *Pr. Or Loss= Profit or Loss; *QS/1500 F= quantity supplied, 1500 firms Price QS/SF Pr. Or Loss QS/..
Roger believes the colors chosen by customers who special-order their cars best reflect most customers' true color preferences. He has taken a random sample of 40 special orders for Mustang coupes placed in the past year. The new color options are..
Define inflation. Assume that you live in a simple economy in which only three goods are produced and traded: fish, fruit, and meat. Suppose that on January 1, 2007, fish sold for $2.50 per pound, meat was $3.00 per pound, and fruit was $1.50 per ..
Assuming that all firefighters must be at least 67 inches tall, how does this height restriction affect the wage the city must pay to attract five firefighters, and how does the restriction affect the gender composition of employment
Montana is home to a number of firms offering wilderness hunting experiences to wealthy city dwellers. However, the profits of such firms depend on how crowded the "wilderness" is and how many deer are available.
Your utility function for present and future consumption is given by U(P,F)=P*F. You earn an income of $50,000 in the present, and will subsequently earn an income of $50,000 in the future. Will you be a net borrower or net saver.
Drink Tax: The weekly supply Qs(p), and demand, Qd(p), of beer in a city are given by: Qs(p) = p; Qd(p)=6.2 - .55*p where p is the price of a beer in dollars and quantities are in hundreds of thousands of beers. To find the equilbrium quantity and..
Determine the output level, price, and profits that will occur in long-run equilibrium. Assume a high-price, low-output scenario assuming a parallel shift of the firm's demand curve. Be sure to explain what you are doing and why.
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