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Suppose the demand curve is given by Q = 200 - 20P. Answer the following. (a) What is the price elasticity at P = $4? Is demand elastic or inelastic at this point? (b) What is the price elasticity at P = $7? Is demand elastic or inelastic at this point? (c) At what price is revenue maximized (where demand is unit elastic)? (d) Illustrate your answers with a labeled demand curve.
An employee contributes 9% of his salary to his 401(k) plan and the employer matches with 40 percent of his first 6% of the employee's salary. The employee earns $90,000 and is in a 28% tax bracket. If the employee earns 2.5% on the plan investments,..
Karl Marx’s thinking is a product of the l9th century. There have been great economic, political, and technological changes since then. How are his theories to be evaluated today? Are they perhaps obsolete and outdated?
Colleagues, assess and explain a major trade regulation or policy of the United States (please choose a regulation or policy other than one already discussed by your classmates). What purpose(s) does the regulation or policy serve? Give a specific ex..
Find the optimal quantity of labor supplied by a consumer who has a utility function for leisure (l) and “goods” (y) of U(l,y)=ln(l)+ln(y) , no non-labor income, a wage of 10, and 2000 hours of time.
If several different sovereign nations form a cartel within the energy industry such that the four-firm concentration ratio is 0.90, does the concentration ratio necessarily represents the relevant market and should this be considered a violation of ..
Do you agree or disagree with the statement that: "A monopolist always charges the highest possible price."? Explain. b.) Why can't an individual firm raise its price by reducing output or lower its price to increase sales volume in a purely competit..
If hospitals begin to affiliate within regions, would you expect that unnecessary duplication of facilities would increase, decrease or stay the same?
q1. what steps can a government take to ensure that sustainable development is always considered in assessing which
Draw a graph of the market for chewing gum. What are the equilibrium price and quantity? Mark the equilibrium price and quantity in the graph.
Gail works in a flower shop, where she produces 10 floral arrangements per hour. She is paid $10 per hour for the first eight hours she works and $15 an hour for each additional hour she works. What is the firm’s cost function? What are its AC, AVC, ..
q.the warren amp smith company manufacturers commercial zippers of two kinds kind x and kind y. its production
Prepare a five page research paper about social problems where the free markets are not allowed to function, which includes the market for a particular illegal good and service, a regulated market, etc.
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