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Suppose the demand function for a firm's product is given by In Qdx=7-1.5 InPx+2 In Py-0.5 In M + In A where Px=$15, Py=$6 M=$40,000 and A=$350 1-Determine the own price elasticity of demand, and state wheter demand is elastic, inelastic, or unitary elastic. 2-Determine the cross-price elasticity of demand between good X and good Y, and state whether these two goods are subsitutes or complements. 3-Determine the income elasticity of demand, and state wheter good X is a normal or inferior good. 4-Determine the own advertising elasticity of demand. I need to understand so please show ALL detail. Especially please show all elasticity formulas worked out, so I can understand how the answers were derived, please.
The Internet provides a wonderful opportunity for doing marketing research and learning about various consumer markets. You are to prepare a report on the size, location, purchasing power, and market potential for the 3 largest minority target market..
q1. suppose your elasticity of demand for your parking lot spaces is -2 and the price is 8 per day. if your mc is zero
Illustrate what is the most effective process of decreasing the quantity of drugs consumed and decreasing the amount of drug-related crime.
The demand curve for salted codfish (saltfish) is D(p) = 200 − 5p and the supply curve is S(p) = 5p. 1 (a) On a graph with saltfish on the horizontal axis and the price of saltfish on the vertical, draw the demand and supply curves. What is the equil..
When banks borrow directly from the Fed, the interest rate on those loans is the. An increase in money growth will cause inflation to increase in. What is the purpose of the Fed's structure?
What should happen to the extraction (usage) rate of iron ore when. There are two general methods that governments use to sell mineral rights to the private sector. One is production royalties where the private firm promises to pay a certain amount ..
Who is the winners and losers from using corn to produce ethanol (gasoline)? Identify some of the unintended consequences of using corn to produce ethanol (gasoline).
The Bureau of Labor Statistics reported that in 2004 the total labor force was 147,401 thousand of a possible 223,357 thousand working-age adults. The total number of unemployed was 8,149 thousand. From this information,
Suppose the economy is initially in short run equilibrium at a level of output above the natural rate. Use the IS-LM model to graphically show how the levels of income and interest rates change as the economy returns to the natural rate of output in ..
Texas governor Rick Perry promised to put hundreds of cameras on the Texas-Mexico border and broadcast the video over the Web so anyone, anywhere could become a border patroller, helping root out border crime and illegal crossings. if the 200 cameras..
Suppose that in country A the “bottom” 40% of the population receives 10% of the country’s income. The “top” 60% receives the remaining 90% of the country’s income. What is the Gini index in country A? Now suppose that in country B the bottom 20% of ..
Construct the bank's balance sheet also calculate the bank's net worth-there is a missing piece of information on the right-side that ou need to fill-in so that both sides of the T-account add up to each other
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