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How would multiplying a positive constant to a linear demand function affect its own-price elasticity of demand? In particular, how would the elasticity of demand of \(Q_{x}=a+bP_{x}+cP_{y}+dI\) at a point compare with the elasticity of demand of the function \(R_{x}=kQ_{x}=ka+kbP_{x}+kcP_{y}+kdI\) hat is evaluated at the same point and k is any positive constant?The cross-price elasticity of x with respect to Py is different at every point along a linear demand curve. Does this mean that x and y are gross substitutes in one region of the demand curve and gross complements in another region?
Suppose a firm must pay an annual tax, which is a fixed sum, independent of whether it produces any output-How does this tax affect the firm's fixed, marginal, and average costs?
Assume that, in a perfectly competitive market at the profit maximizing quantity, the market price is greater than average total cost.
Elucidate implicit assumptions would an researcher make regarding price elasticity of a magazine.
Explain how do changes in interest rates, inflation, productivity and income affect exchange rates.
1.Suppose the equilibrium price in a competitive price taker market is $10 and a firm in the industry charges $9 which of the following is true? a-the firm will not be able to sell any output b-the irm will sell less output than its competitors c-t..
Explain how would you go about resolving the issue if you were the president of a small, poor country.
Write a brief note summarizing the evidence in your graphs for and against deficits causing high real interest rates
Illustrate what can you infer from this data about the rate of labor productivity growth in the US economy during this period.
What is your marginal revenue and marginal cost functions? To maximize profits, how much should you produce at plant 1? At plant 2? What is the price that maximizes profits?
Assume that initially equilibrium was 200 units and that this was also full employment level of income
illustrate what it implies for the relationship between labour supply and productivity growth.
BMW has MC=$20,000 and FC=$10billion. Demand for markets in Europe and US are Qe=4,000,000-100Pe and Qu=1,000,000-20Pu. Prices and Costs are given in thousands.
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