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Q1. For each of the determinants of demand in Equation identify an example illustrating the effect on the demand for hybrid gasoline-electric vehicles such as the Toyota Prius. After that to do the same for each of the determinants of supply in Equation. In each instance, would equilibrium market price raise or decline? Reflect on substitutes such as plug-in hybrids, the Nissan Leaf and Chevy Volt, as well as complements such as gasoline and lithium ion laptop computer batteries.
Q2. In a particular monopoly, the demand equation is given by: y(p) = 5p
1. What is the price elasticity of demand?
2. What is the total revenue of the monopolist at p = 1 and at p = 30?
What do you think the sign and magnitude of the Cross-Price Elasticity of Demand would be between premium juices and soda.
According to the rule of most favorable input usage, a firm should hire a person as long as her marginal revenue product is greater than her marginal cost to the corporation.
As Bavarian Crystal Works is only one for many crystal producers in the world market, it can wholesale as many of the decanters as it wishes for $50 apiece.
While the population variances are unknown, we will assume they are equal.
Calculate price, quantity and social surplus for the initial state and each policy.
Sharp rises in the cost of milk, grain, and fresh fruits and vegetables are hitting cafeterias across the country, forcing cash-strapped schools to raise prices or serve more economical dishes.
After allowing for sleep and personal care, she has 70 free hours each week and must split these hours between work to earn money.
Is the industry or industries in which the firm operates conducive to abnormally high rates of return.
Substantive responses use theory, research, and experience or examples to support ideas and further the class knowledge on the discussion topic.
Quantity, whole revenue and profit when company charges different price in each market and exploits its total profit.
A brewery is considering two potential production investments.
Briefly discuss the impact of rational self-interest on each of the following decisions. Whether to attend college full time or enter the workforce full time.
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