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Suppose an econometrician determines that the price elasticity for a firm's product is constant with value (q) = 3 for all sales levels q. If the firm's marginal cost is $4, then what price should it set?
Illustrate what would be the effect of poor weather on the consumer surplus, producer surplus, deadweight loss.
The real wage
International trade has many tradeoffs for each country. Overall, what has been the global trend in trade policies from 1950 to 2000?
Identify two goods each whose demands exhibits (a) high income elasticity, (b) low income elasticity, (c) high price elasticity, and (d) low price elasticity. What accounts for the differences in elasticity?
The Johnson Robot Company's marketing officials report to the company chief executive officer that the demand curve forth company’s robots in 2004 is-At what prices is the demand for the firm's product price elastic? If the firm wants to maximize its..
You work for a national chain of clothing stores that is considering importing textile from India into the United States. You want to determine whether the goods are subject to import quotas. Using information provided by the United States Custom and..
Suppose you know that the actual annual rate of return on a year of education is 5% for both types. Given the numbers in par (c), which type (Alphas or Betas) most likely receives more pure enjoyment from education?
The company rents roller cutters and crimping machines for $16 per hour, and the marginal product of capital is 100 rollers per hour. Illustrate what do you think the previous manager should have done to keep his job.
Determine impact on income of a 50 increase in government spending from 250 to 300. Using original data, compute impact of a 50 decrease in taxes from 125 to 75.
Figure 1 above shows a consumer's budget constraint for buying apples and oranges, as well as the indifference curve passing through the utility-maximizing bundle A.
The economic model of a perfectly competitive market is very unrealistic because it predicts that firms in a perfectly competitive market earn zero profits in the long run. However, in reality, no firm would stay in business if it earned no profits. ..
Consider a copy shop with annualized fixed costs of $1000 and variable cost of $0.03 per page. The shop presently has orders for 100,000 copies at a price of $0.05 per page. What is the shop’s average cost (AC) without taking the new order? Is it les..
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