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The price elasticity of demand for senior citizens purchasing coffee from McDonald's is -5 while non senior citizens have a price elasticity of demand equal to -1.25. If is cost McDonald's $0.02 to produce a coffee, the optimal price for a cup of coffee for non senior citizens and resultant marginal cost under third-degree price discrimination are A. $0.004 and $0.02. B. $0.02 and $0.80. C. $0.10 and $0.02. D. $10 and $0.20.
The general demand function for a good, Good A, is: Is Good A a normal good or an inferior good? How do we know exactly?
Which is not a factor of production? Which is not one of the five fundamental questions that an economy must deal with?
Use a principle, or principles, discussed in the course to explain some pattern of events or behaviour that you personally have observed.
If there is asymmetric information what is the optimal strategy for the workers What is the optimal strategy for the firm Is the employment contract between the firm and the workers self-enforcing If yes, why If not, which would be a self-enforcing..
When groups are formed, we want to consider how organizational structures, processes, and situations impact on group motivation, politics, and goals achievement. Alignment of all of these structural, personal, and interpersonal components will hel..
One can derive a demand function for health and for medical services from the Grossman model. Explain the differences between the two demand functions. Why does demand for health and for medical services depend on age?
Assume a decrease in consumers' incomes causes a decrease in the demand for chicken and an increase in the demand for potatoes. Which good is inferior and which is normal? Explain your reasons.
Someone claim that immigration must always be good for economy because the raised supply of labor will result in a higher GDP. Estimate this statement.
Explain how each of the folloowing variables will be affected by proposed steps that you have identified in the first part of the decussion: Money supply, interest rate, inflation rate, aggregated demand and output.
Describe how the ice cream industry fits the oligopoly model and, how does the government influences oligopolistic behavior and do oligopolists always compete on the basis of price?
What happens in the market for oranges if there is a hurricane that destroys the orange crop and explain why is strategic interdependence important for market structure of oligopolies?
Economic incentives were at heart of westward expansion across North America in late 18th centuries, so let us apply some economic analysis to the condition.
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