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a) Determine the market equilibrium price if the demand and supply function is given as:
D = 12p + 8S = 14p - 4
Where D= demand
S=supplyp= price
b) Determine the equilibrium quantity if price is the same as above
D = 4p - 4qS = 8q - 4p
S=supplyp= priceq= quantity
a) Suppose the monthly income of an individual increases from Rs 20,000 to Rs 25,000 which increases his demand for clothes from 40 units to 60 units. Calculate the income elasticity of demand.
b) Quantity demanded for tea has increased from 300 to 400 units with an increase in the price of the coffee powder from Rs 25 to Rs 35. Calculate the cross elasticity of demand between tea and coffee.
Which of the following would NOT be associated with a favourable supply shock?
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The chart on the following page shows the average daily demand for tokens on a major urban rapid transit system. What is the elasticity of demand at a fare of $2.50/token? Is the revenue maximizing fare higher than, lower than or equal to $2.50/token..
The Great Inflation affected the banking industry through the following channel(s).
Discuss which of the 10 surprising facts about money impacts
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q1. illustrate what is the marginal revenue from selling another book for the author? explain how does it compare to
Among the families you know, how many work for companies that provide goods or services for capital formation—that is, for investment purposes rather than for consumption?
The manager of the aerospace division of General Aeronautics has estimated the price it can charge for providing satellite launch services to commercial firms.
A group of 10 people have the following annual incomes: $55,000, $30,000, $15,000, $20,000, $35,000, $80,000, $40,000, $45,000, $30,000, $50,000. Calculate the share of total income received by each quintile of this income distribution.
You put money into an account. One year later you see that you have 5 percent more dollars and that your money will buy 6 percent more goods.
q. firms like papa johns pizza hut as well as dominos sell pizza and other products that are differentiated in nature.
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