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Suppose the demand function for a firm's product is given byln Q_x^d = 3 - 0.5 ln Px - 2.5 ln Py + ln M + 2 ln A
wherePx = $10, Py = $4, M = 20,000 and, A = $250.
a. Determine the own price elasticity of demand, and state whether demand is elastic, inelastic, or unitary elastic.
b.Determine the cross-price elasticity of demand between good X and good Y, and state whether these two goods are substitutes or complements.
c.Determine the outcome elasticity of demand, and state whether good X is a normal or inferior good.
d.Determine the own advertising elasticity of demand.
Consider the following information below for Pat's Pizza Restaurant and answer the questions below: Marginal Product of Capital: 4,000 Marginal Produce of Labor: 100 Wage Rate: $10 Rental Price of Pizza Ovens: $500 a) Is the owner of Pat's Pizza Rest..
Compute the discount factor 1/(1+r)^t for r=1, 5, or 10 perent interest rates and t=30 and 50 years. remember that 1 percent is .01. based on your computation, is teh choice of discount factor important for deciding whether to do somehtinga bout g..
The director of a nonprofit foundation that sponsors 8-week summer institutes for graduate students analyzed the costs and expected revenues for the next summer institute and recommended that the session be canceled. In her analysis she included a..
This utility function implies that Shelly's marginal utility of leisure is C - 200 and her marginal utility of consumption is L - 80. There are 168 hours in the week available to split between work and leisure. Shelly earns $5 per hour after taxes..
Scientists at Los Alamos are price takers. They can sell patentable ideas for $1. Consider the production of patentable ideas. If the only input is labor (the scientists time), and the scientist could also be earning $10/hour in outside work.
a construction firm needs a new small loader. it can be leased from the dealer for 3 years for $5500 per year including all maintenance, OR it can be purchased for $20,000. The firm expects the loader to have a salvage value of $7,000 after 7 year..
Real Disposable Income Planned Real Consumption 0 3,000 2,000 4,400 4,000 5,800 6,000 7,200 8,000 8,600 10,000 10,000 12,000 11,400 14,000 12,800 Refer to Table 12.1. The table gives the combinations of income and consumption.
The state of Connecticut is well known for its almandine garnet. The Almandine Garnet Mine has plans to extract 80 tons over the next two years. The production benefits and costs are: MB = 40 ? 0.1Q MC = 36 + 0.25Q Assume..
In a two-player, one-shot simultaneous-move game each player can choose strategy A or strategy B. If both players choose strategy A, each earns a payoff of $500. If both players choose strategy B, each earns a payoff of $100.
Suppose there are n identical firms in a market. Each firm has fixed cost equal to 392, and variable cost given by VC=2q^2, where q is the amount that an individual firm produces. This means that an individual firm's marginal cost is given by MC=4..
Suppose you are hired as a traffic consultant to improve traffic patterns among commuters. How should these 5000 cars be allocated over the two routes in order to minimize the total amount of time cars are commuting
The following statement was released through FOMC following recent meeting on March 21. The Group, although hopeful for a future of moderate growth with moderating inflation,
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