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Income elastic
Market Researchers at the Lawrence Company estimate that the demand function for a product is
Q = 75 P-2 I-2
Q is quantity demanded, P is Price, and I is Income.
Marginal cost is estimated to be $15.
a. They have their product priced at $30. Is this optimal? Why or why not.
b. What would you recommend their optimal price to be?
c. How would you classify the product in terms of it's income elasticity?
The MorTex organization assembles garments entirely by hand even though a textile machine exists which can assemble garments faster than a human can.
Suppose the market for widgets can be described by the following equations: What is the equilibrium price and quantity?
Explain why marginal product first rises, then declines, and ultimately becomes negative. What bearing does the law of diminishing returns have on short-run costs? Be specific.
Important information about Regression anaylsis. Compute the equilibrium price and quantity.
The Lexus LS 430, the top of the line Lexus sedan, riad a base price in Canada of C$85,700 during the fall of 2005. Restated in US dollars using the exchange rate prevailing then, that price is $71,885.
If the costs of one of the goods rise by 5 percent, Illustrate what will happen to the demand for the other product, holding constant the effects of all other factors?
What happens to labour supply increases?-He will work more as wages increase, but only if n > 0.
Discuss the relationship between each of the following variables based on the experience of U.S. economy over the past 30 years.
Illustrate What would happen if prices were lowered when demand was inelastic
Fiscal policy also decrease the dollar like monetary policy.
Discuss the short-run movement toward equilibrium in the currency markets in a flexible exchange system.
Explain why is it wiser for the government to put a sales tax on a good that is demand inelastic than on one that is demand elastic.
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