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Suppose the demand curve for a public park is Q = 80 –2p, where Q is the number of visitor-days and p is the entry price. The marginal cost of operating the park is MC = 10.
a. What is the efficient level of entrance fee and the number of visitors at this fee level (assume no congestion problems)?
b. At the price/quantity combination of (a), what is the price elasticity of demand for park visitation? (To find this, take a small change in price, say, $1. Figure out the elasticity with the change in quantity resulting from this price change. The percentage change in price and quantity is different depending on whether the price has gone up by one dollar or down by one dollar. Take the average of the two estimates.)
c. What is the price-quantity combination that maximizes revenues, and what is the price elasticity of demand at this point on the demand curve?
Assume that the central bank takes the drastic strategy in part 1, but that the private sector has rational expectations.
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Briefly, what are the Price Change Effects on Demand in the Short-Run and Long-Run? PLEASE, your answer must have GRAPHS and be typed not a photo because I'm taking an exam and need to copy and paste the answer as is.
Having worked for many of the firms in the petroleum industry, you know that the price elasticity of demand for a representative firm is about −1.25. An industry publication recently reported that the Rothschild index for the petroleum industry is es..
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Illustrate the purpose of this optional homework is to learn how specialization and trade benefit all trading parties.
Suppose that in a day a worker in the United States can produce 10 bushels of corn or 2 shirts. In Russia a worker can produce 9 bushels of corn or 3 shirts in one day. Which of the following would benefit both the United States and Russia if trade o..
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