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Elasticities of demand and supply: Calculation Methods
How can we calculate the elasticities of demand from a demand function, and elasticities of supply from a supply function ?
The cenima manager observes that the increase in price causes attendance at a given movie to fall from 300 persons to 200 persons.
Illustrate price as well as quantity will maximize revenue. Elucidate the total revenue and price elasticity at this point.
What would be the effects on employment and unemployment given the actions taken by the Fed.
If the US population is growing at .88% per year, while GDP is growing at 2.5% per year, and if these growth rates remain constant for the next five years, what will be the population and GDP levels in five years? Please show your work.
If salary in the private organization are set equal to the value of the marginal product, how much will they rise yearly.
What are the needs of big companies presently. Do you think it is paying higher salary so people will be more motivated.
Explain how an individual's Demand curve for medical care will change (i.e., shift) if the following things happen (consider each change individually, holding all other possible influences constant.
The demand function for gadgets is providede by the following formula. Illustrtae what is the point price elasticity of demand.
Assume that the position of a contry's long-run aggregate supply curve has not changed, but its long-run equilibrium price level has increased.
Compute the marginal cost and marginal revenue of each unit of output and enter these figures in the table.
Find out the marginal utility for each chicken piece. What is the meaning of the marginal utility of the 11th piece.
Enrodes is a monopoly provider of residential electricity in a region of northern Michigan. Total demand by its 2 million households is Q4 = 1,000 P and Enrodes can produce electricity at a constant marginal cost of $2 per megawatt hour.
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