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When the price of bananas is 50 cents a pound, the total demand is 100 pounds. If the price elasticity of demand for bananas is −2, what quantity would be demanded if the price rose to 55 cents a pound?
Putting utility on the y-axis and wealth on the x-axis, use a graph to show why James would rather have $100 for sure instead of a gamble where he gets $20 20% of the time and $120 the rest of the time.
Suppose you can hire your mechanic for up to six hours. The total benefit and total cost functions are B(H)=420H-40H^2 and C(H)=100H+120H^2. The corresponding formulas for marginal benefit and marginal cost are MB(H)=420-80H and MC(H)=100+240H. Write..
Why do more than 45 million Americans not have Health Insurance? Argue whether or not you feel that Health Insurance today should be either Public or Insurance driven? Discuss with two other students your reasoning.
The equation for the original demand curve is Q=50-6.25P. Find the new demand equation when demand increases by 20%. The supply curve for the product is Q=-10+12.5P. Find the original equilibrium price and quantity using the above demand curve.
Assume that the state government is interested in subsidizing the local production of steel. The current price of steel is $1600 per ton and the government wants to provide a subsidy of $100 per ton. Use a diagram to indicate the pre-subsidy situatio..
A commuter drives 10 miles on a highway at 60 miles/hour, and then drives 10 miles on local streets at 15 miles/hour. Use the harmonic mean to find the average speed of the trip.
Consider the market for electronics. Patents are granted to investors of a product or process for a certain number of years. The reason for this is to encourage innovation in the economy, without the existence of patents; it is argued that research a..
The car company pays 40,000 to the steel company to buy the steel and pays its workers 40,000 to make the cars, which were then sold to consumers for 120,000. Using the production gof final goods approach, how much is the GDP in this economy?
There is persistent fear that there will be a high level of deflation. Many economists warn that it may be worse for the economy than if there is high inflation. Let\'s work through one example. What is the real interest rate that Herb expected to pa..
Using the midpoint method, calculate and interpret the price elasticity of demand for the following situation: When the price of oranges increases from $1.00 per pound to $1.50 per pound, quantity demanded falls from 500 pounds to 400 pounds. Calcula..
Elucidate why those rates may be more meaningful as a measure of change across time than the actual numbers of those events."
The demand schedule for new hires with le bac and the supply schedule for similarly credentialed new job seekers are given in the accompanying table. Elucidate the currency used in France-is the same as the yearly wage.
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