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Suppose the annual demand function for the Honda Accord isQd= 430 - 10PA+ 10PC- 40PG, wherePAandPCare the prices of the Accord and the Toyota Camry respectively (in thousands), and P Gis 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?
Like Supermarkets, full service department stores like Macys are generally in decline. What factors might these type of stores have in common behind their declines How would you determine which were important and which were not
Illustrate the impact do natural resources have on economic growth. Will it be possible for a country with few natural resources to grow rapidly.
question 1 briefly define the following termsa.nbspnbspnbsp business cycleb.nbspnbspnbsp real gdpnbsp2. why are
Consider the following utility function: U(X,Y) = max(X, 3Y) (a) draw the indifferent curve for this utility function. (b) find the Marshalian funtions for X and Y and the corresponding indirect utility function.
If High-Time lowers the price, Illustrate what will be the new evel of quantity demanded. Of the new revenue
Should price rise for products in demand be allowed during extreme times of demand.
Consider a monopolist has a marginal cost such that MC=Q. In that market demand follows the equation Q (of demand)=500-.5P. What is the price the monopoly will charge? How much will the monopoly produce?
How many units of housing would the government have to increase the supply of housing /in order to get the market equilibrium rental price to fall to $1500 per month? To $1000 per month? To $500 per month?
Suppose that in a city there are 100 identical self-service gasoline stations selling the same type of gasoline.
Explain why a short run average cost curve only touches the long run average cost curve at one point on the long run average curve. define clearly the concept of returns to scale.
suppose that the average prices of refrigerators have fallen over the past few years yet the refrigerator companies
1. Select one (1) category from the completed World View Chart. Provide a rationale for choosing this category. 2. Describe the selected content and explain the significance of the selected category across the religions studied.
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