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suppose the demand curve for a product is given by Q=10-2P+Ps1,where P is the price of the product and Ps is the price of a substitute good. the price of the substitute good is $2.00. a)suppose P=$1.00, what is the price elasticity of demand? what is the cross- price elasticity of demand? b)suppose the price of the good, P, increases to $2.00. Now what is the price elasticity of demand, and what is the cross-prices elasticity of demand?
Explain how would you explain the differences among these market structures. Identify which market structure your organization competes in and why you think so.
While sitting in your office one evening, you begin to think about some of the key microeconomic messages you want to communicate to the Board.Pick two key concepts and discuss.
Suppose the demand curve for a product is given by Q = 300-2P+4I where 'I' is average income measured in thousands of dollars. The supply curve is Q = 3P - 50.
Identify some factors that led to change in supply or demand within article and explain what occurred to change the demand for, or supply of, the good or service, and market values of thos products or services.
Illustrate what range of labor input is marginal product smaller than average product. What is happenning to average product as employment increases over this range.
What is a government budget deficit. Elucidate how does a federal budget deficit affect the economy.
Assume that the plant managers base their decisions on a five-year capital budgeting cycle (i.e., time is t = 0, 1, 2, ..., 5, where t = 0 is now), and that changes in regulations mean that the company has to buy the scrubber within a 5-year grade..
Illustrate in the graph below the deadweight loss (DWL) that would result if this monopolist were allowed to operate as a profit maximizing firm without regulation.
The company claims that the investment will grow to 10 times the original investment over the next 20 years. The company allows you to invest $200 per month for the next 20 years in this activity. If, in fact, the original investment in Greece per..
Given the wide variety of different fast-food vendors, the industry is fiercely competitive, as is the unskilled labor marketplace.
In an effort to estimate the mean amount spent per customer for dinner at an Atlanta restaurant, data were collected for a sample of 42 customers. The data collected resulted in a sample mean of $29. Based upon past studies the population standard..
Karen has kept her entire life savings, $50,000, in a floor safe underneath her bed. This morning, she make a decision to deposit her savings in a checking account at Cambridge Bank.
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