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Important information about elasticity and marginal revenue
Elasticity and marginal revenue
here is some data on the demand for marshmallows
price quantity$10 1008 3006 7004 13002 2200
is demand elastic or inelastic in the $ 4 - $6 price range? how do you k now?
if the table represents the demand faced by a monopoly firm then what is that firms marginal revenues as it increases output from 100 units to 300 units.
Consider the following data on US GDP-What was the grwoth rate of the GDP deflator between 1999 and 2000?
Decide if the values of the goods produced are included in the 2006 GDP and explain your reasoning.
Compute the elasticity of demand for every parameter.
Explain why the following statement is false: If a firm's output is increasing and marginal cost (change in total cost divided by change in quantity) is rising, then average total cost (TC/Q) must be rising also.
How do you think each of the following affected the world price of oil? (Use demand and supply analysis.)
Explain her change in consumption in terms of income and substitution effects (give a precise quantitative answer). Is this a Griffin good (how do you know)?
After two years the City of Plentiful is faced with a fiscal crisis and decides that it wants its garbage back.
Now, assume the ECB also employs comparably aggressive policy. Copy your results from the left graph and show on the right graph how the ECB could affect the USD/EUR exchange rate.
Suppose a risk-averse consumer has an initial wealth of $5,000 and a utility function U(M) √M.. He faces an 80 percent chance of losing $4000, and a 20 percent chance of losing $0.
List and explain the sources of expenditures in economy by focusing on the 4 major sectors of economy.
You will be asked to collect five (5) newspaper articles relating to subjects we are covering in the class. As we cover the various chapters you should be actively searching newspapers/magazines to find articles.
Assume that the soft coal industry is a competitive industry and it is in long run equilibrium. Now assume that the firms in the industry form a cartel.
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