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Standard elasticity question of microeconomics
You are the only pharmacist in a small town; the next closest drugstore is 50 miles away. The population in your town consists of young farmers and older retired families. You have noticed that the young farmers are less sensitive to price changes than the retired population. Specifically, you have found that the working population has an own price elasticity of demand of -2 and the retired farmers have an own price elasticity of -4. How can you use this information to your advantage?
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.
Graph these data using "dollars" on the vertical axis and "quantity" on the horizontal axis. At what output is revenue maximized?
Suppose you decide to withdraw $100 in currency from your checking account. What is the effect on M1? Ignore any actions the bank might take as a result of the withdrawal.
Explain why do people who work at investment banks earn so much. What is the justification for capital requirements imposed by bank regulators.
Elucidate what would the elasticity of supply have to be for a food stamp program to increase the availability of food to the poor with no prices increase.
Identify and describe the five sources of growth? Mention and explain four categories (types) of policies designed to promote growth.
What price should DD set to maximize profits? What would output be if DD acted like a perfect competitor and set P = MC?
Calculate the effect of the following events on the monetary base:
Suppose elasticity is -2,price is $10, and marginal cost is $8, should you raise or lower price?
A farm operator has asked you to help him/her determine the quantity of water that should be applied to a crop under irrigation.
Suppose a frost kills a large portion of an orange crop, with a resulting higher price of oranges. It has been said that such an increase in price benefits no one since it cannot elicit a supply response; the higher price, it is said, simply "line..
What is the firm's cost function when the cost of pollution certificates is included? What is the firm's marginal cost function when the cost of pollution certificates is included? Derive the firm's supply function.
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