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Calculate the price elasticity for each of the following combination of price and quantity supplied. In each case, determine whether supply is elastic, inelastic, perfectly inelastic, or unit elastic in each case. (a) Price falls from $2.25 to $1.75; quantity supllied falls from 600units to 400 units. (b) price falls from $2.25 to$1.75 quantity supplied falls from 600 units 500 units (c) Price falls from $2.25 to $1.75; quantity supplied remains at 600 units. (d) price increases from $1.75 to $2.25; quantity supplied increases from 466.67 units to 600
What has been the economic effect of marijuana legalization in Nevada, California and all the states that have legalized both medical and recreation marijuana? What similarities or dissimilarities are there, when you compare marijuana legalization wi..
The Food and Drug Administration (FDA) just gave you the approval to sell your new patented drug which reduces the aches and pains associated with doing IO homework. You spent 10 years and $1.5 billion to market this drug under the brand name eazIO. ..
Which of the policies is/are a monetary? - Which of the policies is/are fiscal? - What are the differences between monetary policies and fiscal policies?
q1. what are the three most important factors driving economic growth? explain briefly using an appropriate example.q2.
Your pharmacy provides services to Medicare and PPO patients. You estimate a price elasticity of demand of -2.2 for Medicare patients and -5.3 for PPO patients. What is the profit-maximizing dispensing fee for Medicare and PPO patients? Why might the..
If she would like for the annual withdrawal to increase by 4% each year over the first 20 years of her retirement, what is the amount of the first year withdrawal?
Zack quits his job at a consulting firm, which pays $40,000 a year, to enroll in a two-year graduate program. His annual school expenses are $30,000 for tuition, $2,000 for books, and $600 for food. What is his opportunity cost of attending the two-y..
You have been asked to estimate the cost today of a 2,500 ft2 parking lot. You research and find that parking lots have a power-sizing exponent of 0.55 and that your company built a similar 1,000 ft2 lot 5 yrs ago that cost $50,000. You also find tha..
q1. your cousin zenzo owns a painting company with fixed costs of p200 and the following schedule for variable
The World Bank Doing Business Indicators measure the extent of business regulations in countries around the world. Compare the U.S., France, Japan, Brazil, and Nigeria in terms of how easily contracts are enforced, how property can be registered, and..
Which of the following possibilities is consistent with the property of diminishing marginal product.
A medical device company has a monopoly on a certain class of cardiac implants. Demand for the implants is given by P=28000-5Q and marginal revenue is given by MR=28000-10Q. The total fixed costs for the implants division is 50000 and the marginal co..
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