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(a) Given a budget constraint p1x1 + p2x2 = I, consider an interior solution to the utility maximization problem. Find the demand function for good one. Then find the price elasticity of demand for good one. Is it elastic or inelastic? What parameters does this elasticity depend on? What does this elasticity tell you about the demand for good one?
(b) Find the income elasticity for good one. What does this tell us about the relationship between income and the amount of good 1 purchased? Under what circumstances does this seem a plausible model of behavior?
Suppose the own price elasticity of market demand for retail gasoline is -0.5, the Rothschild index is 0.4, and a typical gasoline retailer enjoys sales of $1,550,000 annually. What is the price elasticity of demand for a representative gasoline reta..
A monopolist is operating in the short-run, facing a market demand given by the following: Q = 1000 - 2P, where Q is market quantity and P is market price. Suppose the firm’s short-run total cost (TC) is: TC = 100?Q. Find the price and quantity that ..
Clearly summarize the reason oil prices are plummeting. Analyze using economic concepts of supply and demand. Use additional resources to back up your argument.
The U.S. continues to experience a relatively high level of unemployment in its workforce. When analyzing a two-good production possibilities curve (PPC), where would you expect to find a point that reflects this unemployment?
Delta Corporation has a bond issue outstanding with a semi-annual coupon with a nominal rate of 8% and 5 years remaining until maturity. The par value of the bond is $1,000. Determine the current value of the bond if present market conditions justify..
Suppose that the American Heart Association has determined that pistachios are extremely heart healthy and can lower bad cholesterol levels. Is the information likely to cause a shift in demand or supply? What will happen to price?
q.the production department of a firm reported the following information for the month of may 2005.rs. wage bill 20000
In 2011, Britney taught music and earned $20,000. She also earned $4,000 by renting out her basement. On January 1, 2012, she quit teaching, stopped renting out her basement, and began to use it as the office for her new website design business. Duri..
A produce distributor uses 1,200 packing crates a month, and each crate is purchased at a cost of $16. The manager has assigned an annual carrying cost of 20 percent of the purchase price per crate. What would the net change (with its direction) in t..
llustrate what happens to the money supply. Elucidate how would this change the incentive structure facing depository institutions.
Which of the following are reasons that the aggregate demand curve slopes downward? Check all that apply.
Suppose the market for hamburgers is unregulated. That is, hamburger prices are free to adjust based on the forces of supply and demand. If a surplus exists in the hamburger market, then the current price must be ________(higher or lower?) than the e..
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