Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
a) Use the arc-approximation formula to calculate the price-elasticity of demand coefficient of a firm's product demand between the (quantity,price) points of (50, $10) and (54, $8).
b) Calculate the cross-price elasticity of demand coefficient of a firm's product X, given that a 10% increase in the price of its close substitute, product Y, causes the quantity demand ofproduct X to increase by 15%.
c) Calculate the income-elasticity of demand coefficient for a product for which a 5% increase in consumers' income will increase the quantity demanded by 4%.
Perform a White test for heteroskedasticity using auxiliary regression
Assume that the demand and supply functions for good X are as follows: What is the equilibrium price and equilibrium quantity?
Does it make sense to hold sleep, work, and leisure fixed while changing study? Why or why not? Explain why this model violates the assumption of no perfect collinearity.
What does this decision by Wal-mart tell you regarding the price elasticity of the demand curve that it faces?
Draw the diagram showing the cost structure of price taker and a market price well above minimum average cost. Given that any firm is price taker, how can a firm capture any economic rent (profits in excess of opportunity cost of capital)?
Sketch a production possibilities curve (not a straight line), with consumer goods on the horizontal axis and capital goods on the vertical axis.
How would you know demand has increased? (What is the first piece of information which would lead you to conclude that demand has increased?)
The problem in economics in price theory deals with deriving maximum marginal utility and marginal rate of substitution and price elasticity of demand.
Name any good or service which has a noticeable recent price change. Using concepts of supply and/or demand, what are some possible explanations for this change in price?
Management at the Johnston Corporation estimates a demand function for its lawnmower line to be:Explain the coefficients of each explanatory variable.
Describe the market growth rate for product and service.
Describe the effect of increase from 1998-1999. How would the increase in demand affect the price? How would the price effect depend upon the price elasticity of supply? Please describe how. (Explain the illustration instead of actually drawing it)
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd