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"Question Seven
(i) Suppose that DryMax is the only drycleaner in town, and it determines that men and women have different demand functions for drycleaning services. It determines that the demand functions are as follows:Qw = 24 - PwQm = 24 - 2Pmwhere Pw and Pm are the prices it charges women and men respectively. Assume that the marginal cost and average cost for both groups is $6.
a. Find out the total revenue and marginal revenue functions for men and women.
Elucidate the effect of capital formation by comparing the present times and ten year in the future for thtwo economic.
A firm with a U-shaped average cost curve finds that its costs exceed its revenues when it sets price equal to marginal cost.
The demand curve for videos has shifted to the right. Illustrate what could have caused it.
which her costs are measured is time. Illustrate what is the total cost to hildegard of finding a new plot of grass and getting y units of grass from it.
Explain what occurs when a new technology makes another one obsolete in terms of economic profit.
Why the short-run demand for gasoline is less elastic than the long-run demand, when the price of gasoline rises, people immediately cut back on unnecessary trips.
Would the worker be better or if, instead of the health insurance, she was given a £100 per week pay increase which would be taxed at 20%.
Why might the U.S. have a comparative advantage in bioinformatics but not in manufacturing and steel making.
Assuming no government intervention, describe the market behavior that should result if the price of a product is below its equilibrium price; then describe the behavior that should occur if the price is above its equilibrium price.
The Federal Reserve Board is considerining changing its target inflation rate. However, they are concerned about the immediate effect on inflation. Find the sensitivity of equilibrium inflation to a change in the Fed's target inflation rate in the..
the quantity supplied of the Real GDP in the long run is $4.3 trillion. Evalute is the economy in short run equuilibrium. Will the price in long run equilibrium be greater than, of less than, or equal to 132.
Illustrate what whould be the appropriate elasticity to compute. Using the midpoint method, compute this elasticity.
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