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Suppose the price elasticity of demand for vanity plates in your state is 0.60. The initial price is $20 and the initial quantity is 1,000 plates per week. Suppose the state increases the prices by 10%. Predict the new quantity per week and total revenue per week.
Your utility if a function of income (i), given by: \(U = 10i\) as long as i is less than or equal to 300. If I is greater than 300, your utility is a constant equal to 3,000. Suppose you have a choice between having an income of 300 with c..
the demand for its product comes from two types of customers, I and II. Each type I customer (there are 25 of them) has a demand curve given by Q=12-P, while each type II customer (there are 30 of them) has a demand curve given by Q=9-P.
A loan of $10,000 is to be financed over a period of 24 months. The agency quotes a nominal interest rate of 8% for the first 12 months and a nominal interest rate of 10% for any remaining unpaid balance after 12 months, with both rates compounded..
If market demand is given by the functionQ=1000?P, where P denotes price, how many firms will operate in this long-run equilibrium?c) Suppose the government grants a lump-sum subsidy to each firm that manufactures the product. If this lump-sum su..
Consider a simultaneous move quantity-setting game with two firms facing a demand curve p = 100 - q. Both firms have marginal cost of 20. Suppose one firm maximizes profit and the other maximizes revenue, but both take into account the other firm'..
The Committee will closely monitor incoming information on economic and financial developments in coming months. If the outlook for the labor market does not improve substantially, the Committee will continue its purchases of agency mortgage-back..
Define inflation. Assume that you live in a simple economy in which only three goods are produced and traded: fish, fruit, and meat. Suppose that on January 1, 2007, fish sold for $2.50 per pound, meat was $3.00 per pound, and fruit was $1.50 per ..
an estimate of the demand function for household furniture produced the folloing results: F= 0.0036Y1.08RR0.16p-0.48 r(2)=0.996 where F= furniture expenditures per household Y = disposible personal income per household R = value of private residen..
A U.S. firm is considering moving its production to Mexico. Its estimated production function is q = L 0.5 K 0.5 . The U.S. factor prices are w = r = 10. The Mexican factor prices are w* = 5, r* = 10. What is the optimal input bundle ( L,K..
You are considering opening a new business to sell golf clubs. You estimate that your manufacturing equipment will cost $100,000, facility updates will cost $250,000, and on average it will cost you $80 (in labor and material) to produce a club.
Suppose that the total benefit and total cost from an activity are, respectively, given by the following equations: B(Q)=150 + 28Q - 5Q^2 and C(Q) = 100 + 8Q. (note: MB(Q) = 28 -10Q and MC(Q) = 8). Write out the equation for the marginal net benefi..
This bank can safely expand its loans by what amount c.by expanding its loans by this amount in part (b), its checkable deposits would expand to what amount (if all loans were made to ch3ecking account customers)
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