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Explain the relationship between elasticity of demand and total revenue for the following ranges along the demand curve, using the attached "Graphs for Elasticity of Demand, Total Revenue." Include the impacts to quantity demanded and total revenue when there is a price decrease, ceteris paribus.
1. Elastic range
2. Inelastic range
3. Unit-elastic range
Think the market for personal computers. Assume that the demand is constant : the demand curve does not change. Predict the effects of the following changes on the equilibrium price of computers.
where X is his consumption of CDs with a price of $1 and Y is his consumption of movie videos, with a rental price of $2.He plans to spend $41 on both forms of entertainment. Determine the number of CDs and video rentals that will maximize Maurice"s ..
Show your steps. B. After the equilibrium is reached, suppose 100,000 new jobs are created, causing 200,000 new migrants to enter the city. Does the equilibrium rate change? What is the new rate of urban unemployment right after the new migrants h..
It is supposed that the liquid soap market is perfectly competitive and current price of a case of liquid soap is $42.00. The firm has estimated it's marginal cost function to be as follows: MC=0.006Q.
A firm has two prodcuts and two customers. Customer 1 is willing to pay $9 for Product A and $4 for PRoduct B. Customer 2 is willing to pay $7 for Product A and $5 for Product B.
Long run average costs rise as output increases if and only if the production function is homogeneous of degree p?(0,1). True or false? Explain your answer.
Consider a portfolio of three assets (A,B,C). Denote the expected returns on each asset as rA; rB; rC, respectively. Denote variances and covariance similarly. Suppose the investor will accept a maximum portfolio variance of X.
The market price of a basic digital cell phone fell due to increased production.Demand for office space in major US cities dropped significantly between 2009 and 2010.
The Case in Point on Externalities, Cigarettes, and Smoking suggests that smokers generate: a-external benefits to society by dying early, thereby subsidizing the retirement costs of the rest of the population. b-external costs to society by dying ea..
Determine what the U.S. should do to ensure the availability of strategic materials in which it has a comparative advantage. Explain your rationale.
The market price of the product the firm produces is $4 at each quantity supplied by the firm. What is the amount of labor that this profit-maximizing firm will hire,or what wage rate will it pay.
Three students have each saved $1000. Each has an investment opportunity in which she can invest up to $2000. Here are the rates of return on the students' investment projects: Minji: 5% Yanrong: 8% Dorothy: 20%
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