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Suppose the demand function is equal to
Q = 60 – 3P
a. Find the inverse demand curve
b. Find the choke price
c. Find the price that maximizes revenue
d. Find the elasticity of demand when price equals 12, using a point elasticity
e. Suppose P1 = 6 and P2 = 8. Find the elasticity of demand using the percentage change method.
f. Use the values in part e to calculate the elasticity of demand using the mid-point method.
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What is the short run average cost of producing 20,000 units?
What are the major provisions of the Sherman Antitrust Act and the Clayton act? What is the difference between the two acts? How did one lead to the other? Do you feel the government should regulate those who form monopolies and restrict competition?..
A tax system achieves equity when:
To assess a firm's demand for capital we must determine the present value of marginal revenue products and marginal factor costs of capital. A firm maximizes profit in the hiring of capital when the MRP of capital is greater than the MFC of capital. ..
Consider the ultimatum game in which player 1 (the proposer ) is given $10. He proposes a split of the $10 between him and player 2 (the receiver ). Player 2 then chooses whether to accept or reject the offer. If he accepts, the game ends and each pl..
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Make a price quantity chart for each consumer. Then add a column showing the total quantity demanded for a private good. Next show the quantity price chart showing the total demand for a public good.
Hardwood Cutters presents seasoned as well split fireplace logs to consumers in Toledo, Ohio. The low-cost provider company is of firewood in market with fixed costs.
An old wooden bridge over a bay is in danger of collapse. The highway department is considering two alternatives to alleviate the situation and provide for expected increases in future traffic. One plan is a conventional steel bridge, and the other i..
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