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1. Suppose the demand function for jelly beans in Calgary is linear. Two years ago, the price of jelly beans was $4 per kilogram, and consumers purchased 100,000 kilograms of jelly beans. Last year the price was $6, and consumers purchased 50,000 kilograms of jelly beans. No other factors that might affect the demand for jelly beans changed. What was the elasticity of demand at last year's price of $6? At what price would the total expenditure on jelly beans have been largest?
2. Suppose the annual demand function for the Honda Accord is Qd = 430 - 10PA+ 10PC - 40PG, where PA and PC are the prices of the Accord and the Toyota Camry respectively (in thousands), and PG is the price of gasoline (per litre). What is the elasticity of demand of the Accord with respect to the price of a Camry when both cars sell for $20,000 and fuel costs $0.75 per litre? What is the elasticity with respect to the price of gasoline?
3. The demand for a product is Qd = A - BP, where P is its price and A and B are positive numbers. Suppose that when the price is $1 the amount demanded is 60 and the elasticity of demand is 21. What are the values of A and B? Find A and B if the elasticity of demand is 23.
It is the measure adopted by the Government for its UK inflation target. The Bank of England's Monetary Policy Committee is required to achieve a target of 2 per cent. Inflation is the percentage change in the index compared with the same month one..
You need your job and you want to help your boss. But you're just not sure in this particular situation. What is the ethical problem in this situation? What steps should you take? When should you take them? Who should you talk to about this? Why?
Each of the policies described above may lead to an increase in the long-run level of investment spending in the economy. Using a diagram of the aggregate production function, show that any such increase will lead to an increase in the future leve..
Using a supply and demand graph and assuming competitive markets, show and explain the effect of equilibrium price and quantity of the following A) a technological change that reduces the cost of producing x-rays on the market for physician clinic ..
Do the utility maximizing amounts of X1 and X2 change if P1 increases to 5 while P2 stays constant at 5? Why or why not? Do the utility maximizing amounts of x1 and x2 change if P2 increases to 9 while P1 stays constant at 4? Why or why not? For a ..
Explain how much would she need to make in revenues to earn positive accounting profits. If a firm makes positive economic profit it means that the firm earns normal profit.
You are the manager of a popular shoe company. You know that the advertising elasticity of demand for your product is 0.15. How much will you have to increase advertising in order to increase demand by 10 percent?
Bridget has a limited income and consumes only wine and cheese; her current consumption choice is four bottles of wine and 10 pounds of cheese.
Under the Physicians' cooperative model, if the supply price of physicians were to rise, how would this affect the equilibrium staff size in the open-staff case How would it affect the optimal staff size in the closed-staff case
Since the US gov't was running a budget deficit at the time, assume that the war was financed by gov't borrowing. How does the equilibrium interest rate and private investment change in response to gov't expenditure on the war?
"When the firms in a perfectly competitive industry are just able to cover their cost of production, economic profit is zero. Therefore, if demand falls, causing prices to go down even a little bit, all of the firms in the industry will immediately s..
Identify which function(s) you would recommend she outsource and explain why they would be appropriate for outsourcing. List three competitive advantages Myra could get by outsourcing and three challenges or risks in outsourcing, as well as what ..
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