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Suppose you are a painter, and the price of a gallon of paint increases from $3.00 a gallon to $3.50 a gallon. Your usage of paint drops from 35 gallons a month to 20 gallons a month. Perform the following: a) Compute the price elasticity of demand for paint and show your calculations. b) Decide whetherthe demand for paint is elastic, unitary elastic, or inelastic. c) Explain your reasoning and interpret your results.
Illustrate what specific factors might have accounted for this event.
Calculate the tax incidence of the buyers and the monopolist.
How much profit does the monopolist earn? How much consumer surplus is left? (if any) Calculate the social welfare loss.
For each level of output except zero output, compute the average variable cost (AVC), average total cost (ATC), and average fixed cost (AFC)
Illustrate what kind of factors are contained in u. Are these likely to be correlated with level education.
Expalin why is the depreciation of capital good a cost of society
Bob as well as Nancy live in a new housing development as well as they would like to have fire hydrants installed to assist the fire department in case of a fire.
Explain why do we consider a business-cycle expansion different from long-run economic growth. Why do we care about the size of the long run growth rate of real GDP versus the size of the growth rate of the population.
A young physician makes $180,000 per year with an annual salary increase of 2%.
If operators receive $25 an hour, how many operators should the agency hire. Illustrate what is the most the agency would be willing to pay the first operator.
what might prompt the government to establish this price ceiling? next suppose that the government establishes a price floor of $4.60 for wheat. what will be the main effects of this price floor?
A perfectly competitive external market for the intermediate product exists, and an imperfectly competitive external market for the intermediate product exists.
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