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1. Suppose the price elasticity of demand for bread is 1.00. If the price of bread falls by 20%, the quantity demanded will increase by:
2. Suppose that a 20% decrease in the price of good Y causes a 20% increase in demand for good X. The coefficient of cross-price elasticity of demand is:
3. When the price of a quart of milk increased from $1.55 to $2.00 the quantity demanded decreased from 21,000 per day to 19,000 per day. In this range, the price elasticity of demand is:
4. If the elasticity of supply for crude oil is 0.5, how much will the price have to increase to increase production 20%?
5. Demand for X increases from 100 to 125 when the price of Y increases from $5 to $6. The cross-price elasticity of demand is:
6. Demand for X increases from 100 to 125 when the price of Y increases from $5 to $6. The cross-price elasticity of demand is:
The two firms have the same demand curve P=100-4Q, Marginal cost of Firm 1 is 5 and for firm 2 is 10.
Russia imports 5 billion Rubles of goods and exports 7 billion rubles of goods. At the same time, Russia imports 4 billion rubles of services, and Russia makes a 2 billion Ruble net unilateral transfer to Albania. Net Foreign Investment Income. Russi..
Which of the following is/are not "valid" strategy options for entering and/or competing in foreign markets? A franchising strategy and a strategy of licensing foreign firms to use the company's technology or to produce and distribute the company's p..
A company owns a 8-year old gear hobber that has a book value of $62,000. The present market value of the hobber is $86,000. A new gear hobber can be purchased for $465,000. Using an outsider’s point of view, what is the net first cost of purchasing ..
The current population of the United States is 318.9 million with 3% of the population is engaged in R&D at an eciency rate of 1/500 per million persons per year. If R&D is the only source of total-factor productivity growth what is the growth rate o..
How did invention of crack cocaine transform the urban street gang. According to the data cited in this chapter, civil rights laws and a shift in the attitudes in the United States regarding race helped to improve the status of black society. How d..
If Professor Mamuns contract pays $100,000 every year for next 6 years, what is future value of this contract at 5% discount rate. What is present value of contract.
Calculate the midpoint price elasticity of demand between $9 and $10. Is the demand in this range elastic or inelastic? Calculate the midpoint price elasticity of demand between $10 and $11. Is the demand in this range elastic or inelastic?
Identify five activities you do to enhance production (but not counted as cost of production at moment) which should actually be counted as part of your implicit cost.
Some employers no longer consider a prospective employee's grade point average as a useful signal. Why might this be the case? because it is not fair to the students who put in a lot of effort and still get bad grades
Briefly describe the Malthusian population model and explain why it is inconsistent with population data after 1750. Using a Lee-Malthus diagram(s), derive the Iron Law of Wages result. Be sure to label the curves, axis, and important points in the d..
Which of the following could be an example of an opportunity cost
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