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The quantity q of cabbages sold by a farmer at a farmer's market depends on price p in dollars. The variables q and p are related by the equation q^2+2p^2+5xy=2000. Find the elasticity of demand when p=3. Interpret your answer. Is demand elastic, inelastic, or unitary at this price? Should the farmer increase or decrease the price of cabbages?
Net exports is defined as exports minus imports. Because of this minus sign, net exports can be negative or positive, depending on the sizes of exports and imports. If exports are greater than imports, then net exports are positive, resulting in a “t..
What are the effects of placing a universal binding minimum wage on a labor market that is otherwise perfectly competitive? What are the effects if the minimum wage is not universal (that is if there is a sector of the labor market not covered by the..
Milo buys an all-terrain-vehicle (ATV) from No-Limit Toys, Inc., on credit but makes no payments on the account. Odell, the owner of No-Limit Toys, calls Milo at home on a Monday morning at three a.m. but that if he does not pay the full amount due w..
Two consumers Jorge and Admen, together own 1,000 baseball cards and 5,000 Pokémon cards.
Use the following to answer the questions below: z is the marginal utility per dollar, x is the amount spent on product A, and y i the amount spent on product B. Assume MUA = z = 10 x and MUB = z = 21 2y. Assume that the consumer has $10 to spend on ..
A presidential candidate has decided to enter primaries in those states in which at least 20% of voters support her. Random samples of 200 voters were taken in each of a number of states. In New Hampshire, 33 voters supported the candidate. Test at a..
Susie's boss offers her $100 to come to work instead. In considering what to do, which of the above would be considered a sunk cost.
When a market is perfectly competitive, individual sellers. can sell all that they want at the prevailing market price.
The production function for a product is given by Q = 10KL , where K is the quantity of capital and L is the quantity of labour. If the price of capital input is $120 per day and the price of labour is $30 per day, what is the minimum cost of produci..
An item is up for auction. Player 1 values the item at 3 while player 2 values the item at 5. Each player can bid either 0,1, or 2. If player i bids more than player j then i wins the good and pays his bid, while the loser does not pay. Now consider ..
A company decides to spend $2 million to promote its new line of soft drinks. Given all other things remain the same, how will this impact the level of break-even quantity of the firm? Justify your answer using the equation for breakeven quantity of ..
Where Q is the number of cuts per week and P is the price of a hair cut. Terry is considering raising her price above the current price of $15. Terry is unwilling to raise price if the price hike will cause revenues to fall. Should Terry raise the pr..
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