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at a price of $1 each, 100 popsicles are sold per day in the perpetually hot town of Rostin. Consider the elasticity of supply. In the short run, a price increase from $1 to $2 is unit-elastic (Es = 1.0). So how many popsicles will be sold each day in the short run if the price rises to $2 each? In the long run, a price increase from $1 to $2 has an elasticity of supply of 1.50. So how many popsicles will be sold per day in the long run if the price rises to $2 each?
There is a belief that a person's performance on the GMAT (entrance exam to get into graduate school) can be predicted by their undergraduate GPA. Based on regression analysis what are the following values, (Round to three decimal places; put it ..
The demand function for an oligopolistic market is given by the equation: Q = 180 - 4P The industry consists of one dominant firm whose marginal cost function is: MCd = 12 + 0. Qd Qs= 20 + P A. Derive the demand equation for the dominant oligopolie..
TP TFC TVC 0 $45 $01 45 170 2 45 320 3 45 450 4 45 620 5 45 800 6 45 ..
What is the probability that Z is smaller than 1.02? b.) What is the probability that Z is greater than 0.65? c.) What is the probability that Z is between -2 and -0.5? d.) What is the probability that the interval [Z-1, Z+1] contains the value 0?
The World of Videos operates a retail store that rents movie videos. For each of the last 10 years, World of Videos has consistently earned profits exceeding $37,000 per year. The store is located on prime real estate in a college town. World of V..
What is economics system? What are the types of economics system? Briefly explain each type of economics system by giving examples of nations that are close to each type
A company desires to estimate the cost of building a 600-MW fossil-fuel plant for the assembly of its new long-distance aircraft. It is known that a 200-MW plan cost $100 million 20 years ago when the approximate cost index was 400, and the cost i..
Suppose a monopolist faces the following demand curve: P = 596 - 6Q. Marginal cost of production is constant and equal to $20, and there are no fixed costs. a) What is the monopolist's profit-maximizing level of output? MR = (P-MC)*Q MR = (596 - 6Q -..
Given that monetary policymakers, firms, and workers all recognize that the decline in the real exchange rate is only temporary and given the three policy responses described in part d of 580 Chapter 17 New Classical Macro Confronts New Keynesian ..
Suppose two firms 1 and 2 compete in quantities and face a demand curve p = 100 - q. Suppose firm 1 has a constant marginal cost of 10 while firm 2 has a constant marginal cost of 40. Suppose they produce quantities simultaneously. a.Find quantity..
The economy of Sonrisa has 1000 people in three income categories: poor, middle class, and rich. The poor ear $500 per year and have to spend it all to meet their consumption needs. The middle class earn $2,000 per year, of which $1,500 is spent a..
You are the manager of a monopoly. A typical customer's inverse demand function for your firm's product is p=250-4Q and your cost function is C(Q)=10Q. Determine the optimal two part pricing strategy. Per Unit fee Fixed FeeHow much addtional profit..
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