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Q1. In May 2011, the average price of gasoline in the United States was $3.76 per gallon and consumers bought 5 percent less gasoline than they had during May 2010, when the average price was $2.79 per gallon. Based on these numbers, what was the price elasticity of demand for gasoline from May 2010 to May 2011?
Q2. The demand for good X is given by Qdx=1200-0.5Px+0.25Py+0.1M. Research shows that the prices of related goods are given by Py=5900, while the average income of individuals consuming this product is M=50000, indicate whether good X and Y are substitutes or complements, Is X an inferior or a normal good? How many units of good X will be purchased when Px=4910, determine the inverse demand function for good x.
Compute the changes in consumer surplus, producer surplus, government revenue and third party surplus. Also, show these changes on a graph.
Explain which technology would you advise the CEO of Defendo to adopt given the threat of possible entry. Also what will be the Defendo's profit given his choice.
Suppose that Jenny is the only consumer in the antique car market. Her willingness to pay for an antique car is $200,000. Based on Jenny's willingness to pay, plot her demand schedule in the graph below using the blue points (circle symbol). Line ..
The newly established Bureau of Time Travel has been given authority to regulate time travel. If the bureau sets a price that allows Time Riders to earn a normal profit (that is, a fair return), illustrate what price will time travelers pay per tr..
Yolanda runs a bulldog farm and when she employed one person, she produced 1,000 bullfrogs a week. Construct Yolanda's total variable cost and total cost schedules. Illustrate what is Yolanda's total fixed cost.
If operating capital is running $60,000,000 and employment is running 4,000 employees in the company, what is the value of the marginal rate of technical substitution between operating capital and labor in the Biddle Company?
What are the tools available to the federal government to implement fiscal policy. If you had the ear of the U.S. president, what advice would you give for the direction of U.S. fiscal policy.
What is player 2's maximin strategy? If the game were played with Player 1 moving first and player 2 moving second, using the backward induction method, what strategy will each player choose?
In The Case of the Unequal Opportunity, the companys workplace equity policy is clear. In your opinion, which paradigm does the company use to manage diversity
Other counters that we are running out of cheap energy. Explain which person is correct also why.
AAA Triangle framework to describe generic approaches to global value creation - Adaptation strategies seek to increase revenues and market share by tailoring one or more components of a company's business model to suit local requirements or prefer..
Is the price mechanism of a perfectly competitive market a good mechanism to allocate gasoline.
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