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The manager of a local monopoly estimates that the elasticity of demand for its product is constant and equal to -2. The firm's marginal cost is constant at $30 per unit.
a. Express the firm's marginal revenue as a function of its price.
MR = x P
b. Determine the profit-maximizing price.
According to the quantity theory of money, what is the effect of increase in quantity of money?
Explain why are there significant disparities in the cost of living throughout the US.
Read the article "FDI into Africa on the up" from Ernst and Young and discuss on the following questions by writing 1 and half pages with proper citation with own words. § What is the impact of increasing FDI into Africa on the global economy? § If y..
Calculate the equilibrium real wage rate and the equilibrium quantity of labor. Suppose that the nominal wage rate equals 60. In the short-run, aggregate demand and aggregate supply are equal at a price level of 1.0. Compute the real wage rate.
Engineers at the national research laboratory built a prototype automobile that could be driven 180 miles on a single gallon of unleaded gasoline.
The demand for polished bronze is given by P = 100 - Q/2. Production of polished bronze is controlled by Bronze Indentify BIs profit maximizing output and price. What is the cost to the town of removing the mercury pollution?
The following model is a simplified version of the multiple regression model used by Biddle and Hamermesh (1990) to study the tradeoff between time spent sleeping and working and to look at other factors affecting sleep: sleep =b0 + b1totwrk + b2e..
Assume you were given the following data for an economy without government spending, exports, or income. C is desired consumption, I is desired investment,
Write a 400- to 700-word memo to the economic adviser. Describe the change in tax revenues for the government in the new equilibrium, in both the short and longer terms.
Explain how might a high school student's experience with inflation differ from an employed urban adult.
What is the highest profit or lowest loss availability to this firm?Should this firm operate or shut down in the short run? Why? What is the relationship between marginal revenue and marginal cost as the firm increases output?
In a closed economy without a government sector, consumption is determined as 80% of the income available to households. Investment is autonomous at a level of £450.
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