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a. List the determinants of elasticity of demand (Ed) (5)
b. Explain what each determinant means. (5)
c. Identify two examples from your own personal or professional life that illustrates EACH one of the determinants of elasticity. (10)
d. How would a University rule that states all students must use a certain Dell laptop impact your Ed for laptops. Explain your answer. (10)
e. Raising bridge and tunnel tolls almost always leads to more revenue for the government, how can this be so given the law of demand? (10)
Juno Manf. Company has decided to build an expansion of its manufacturing facility that will cost $63,022. It has arranged thru the small business association to borrow $36,281 from Allied Bank at an annual interest rate of 6.27%/yr. It will use mone..
A monopolist faces a demand given by p = 40 – 4y . Its cost function is c ( ) = 2 + 4 y . a) What is the optimal level of output for a monopolist? b) What is a monopolist price? c) What is the total profit (or loss)?
Asymmetric information is a problem in many markets, such as the used car market, the insurance markets, and the credit markets. Choose one of these three markets, and using some of the concepts you learned from this module, discuss the questions bel..
Suppose the labour market in the house cleaning industry in Quebec City can be described by the following demand and supply equations: LD = 400 - 10w and LS = 40 + 20w. Calculate the equilibrium wage and employment if the market is free. Draw a graph..
Suppose that you deposit $2,000 in a savings account and a year later you have $2,300. Meanwhile the CPI rose from 110 to 121. The real interest rate is ____%. Enter your answer in the box below
Explain how higher utilization of assets such as aircraft, gates, and pilots lowers the cost per available seat mile (CASM) or cost per available seat kilometer (CASK).
(Arbitrage) A supplier is selling hammers in two cities, Pleasantville and Happy Valley. It costs him $5.00 per hammer delivered in each city. Let p1 be the price of hammers in Pleasantville and p2 be the price of hammers in Happy Valley. Assuming th..
By definition, the elasticity of total cost is the ratio of marginal cost to average cost; for the total cost function TC = 0.4Q2 + 40, find the elasticity of total cost at Q=5, Q=10, and Q=20 units of output.
If the slope of the yield curve increases (steepens) after a decrease in the federal funds rate:
Illustrate what is the level of consumption at the equilibrium level of income. Compute the marginal propensity to save for this economy.
As far as I can tell, research on the economics of poverty is very empirically driven, and this is probably appropriate. What kind of economic theory has been developed though? I'd also be interested in theory of some influence too. As an example, I ..
q.suppose that the inverse demand curve for paper is p 200 - q. the private marginal cost is mcp 80 q and the
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