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Second Problem The price elasticity of demand for oatmeal is constant and equal to -1. When the price of oatmeal is $10 per unit, the total amount demanded is 6,000 units. 1. Write an equation for the demand function. Graph this demand function with blue ink. (Hint: If the demand curve has a constant price elasticity equal to , then D(p) = ap for some constant a. You have to use the data of the problem to solve for the constants a and that apply in this particular case). 2. If the supply is perfectly inelastic at 5,000 units, what is the equilibrium price? Show the supply curve on your graph and label the equilibrium with an E.
Alex wants to measure the nominal GDP of $993 billion in 2008 dollars. From the data he gathered, he knows the deflator for 1998 is 30 and for 2008, it is 74. What was real GDP in 1998?
Sid is the CEO of a local power plant operating in monopoly market structure. Explain why the demand curve (P) here is larger than the MR, and why Sid won’t produce on the inelastic portion of demand curve.
Jerome says that he will spend exactly $25 each month on new apps for his mobile device, regardless of the price of apps. Jerome's demand for apps is
The cost of building a new high speed railway system is reported to be high at 25 billion. Does it necessarily follow that the high speed railway is not worth building?
What is Keynesian Economics and what role does the government play in the economy? What is the role of PROFIT in the American economy? What does "our children and grandchildren inherit the national debt?"
The real interest rates and real exchange rates are constant and equal in North Country and South Country. The Fisher equation and purchasing-power parity hold in both countries. If the nominal interest rate is 8 percent in North Country and 10 perce..
Suppose the demand for paper is given by Qd = 360 – 4p and the industry marginal cost of production is given by Qs = 6p. In addition, the firm’s production imposes an externality with an associated marginal damage (MD) = 2. Please include a graph wit..
Most commercial fish species in nearly every ocean and sea are being rapidly depleted in what marine biologists and other specialists warn is evolving into one of the worst ecological disasters of modern times. According to the United Nations, the wo..
Explain the relationships between the Prime Rate, the Discount Rate, the Fed Funds Rate, and the Treasury Bill Rate. Explain how each relates to monetary policy.
M=2A+3.5R where M stands for units of migraine pain improvement, A stands for units of acupuncture treatment and R stands for migraine prescription pills. Please draw the health production graph implied by this equation, for some given level of M. Pl..
What is the difference between economic profits and accounting profits, and how does this difference matter for actual business decisions?
In Michigan, unemployment benefits range from $81 to $362 per week, while in Colorado, benefits range from $25 to $502 per week, and in Washington, these benefits can vary between $158 and $664 per week. In addition to differences in the monetary ben..
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