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The application "Substitution May Save Endangered Species" describes how the equilibrium changed in the market for seal genitalia (used as an aphrodisiac in Asia) when Viagra was introduced. Use a supplyand-demand diagram to illustrate what happened. Show whether the following is possible: A positive quantity is demanded at various prices, yet nothing is sold in the market.
Assume that the objective function coefficient for X remains 8, but the objective function coefficient for Y changes from12 to 6. Does the optimal solution change. Use the graphical solution procedure to find the new optimal solution.
By the numbers . Using the information on the web site for the Social Security Administration, calculate the monthly benefit for a worker who has 35 years of covered employment at an average wage of
Assuming that the bank has a monopoly power on the loans side but faces a competitive market on the liabilities side, compute what should be the modified pricing formula, for given d and b, as a function of the elasticity of the demand for loans.
A firm uses labor and machines to produce output according to the production function f(L,M)=4L raise to 1/2 M raise to1/2 where L is the number of units labor used and M is the number of machines. The cost of labor is Php.
An increase in consumer income will increase the price and quantity of Beetles sold. Since price elasticity of demand is greater than 1, total revenue will go down.
b. Calculate the aggregate social welfare in the competitive market c. Suppose Christmas tree suppliers get together to form a price-setting cartel (monopoly). What will price and quantity in this market be
David Christopher is an orthopedic surgeon who specializes in three types of surgery hip, knee, and ankle replacements. the surgery mix is 40 percent hip replacement, 50 percent knee replacement, and 10 percent ankle replacement.
A random variable X is defined to be the larger of the two values when two dice are thrown, or the value if the values are the same. Find the probability distribution for X.
If you were going to run an experiment with human players for such a scenario, would you predict that players would use this strategy?
a. Find the optimal soulution using the graphical soulution procedure and the value of the objective function b. determine the amount of slack or surplus for each constraint c. suppose the objective function is changed to max 5A+2B.
its popular Mmmm Sundae from $2.25 to $1.75. As a result, the firm's daily sales of these sundaes have increased from 1,500/day to 1,800/day. Compute the arc price elasticity of demand over this price and consumption quantity range.
In May 2012, the yields to maturity in the table below were recorded on Treasury discount bonds. If the expectations theory of the term structure holds, what do bond traders expect the interest rate on five-year discount bonds to be in May 2017, M..
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