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1. If a 10% decrease in the price of gas causes a 30% increase in the demand for standard sized autos, then the cross-price elasticity of demand is:
2. If the price elasticity of demand of for gasoline is 1.8, then a 15% decrease in quantity demanded is caused by a:
3. A 10% increase in the price of 40 inch LCD televisions which have a price elasticity of demand of 2.5 will cause a:
4. A business newscast claims that the median home price of existing homes fell from $450000 to $350000. Over the same time period the quantity of these homes sold fell from 4100000 to 3900000. Using an arc elasticity formula, calculate the arc elasticity implied. The formula is:
5. The demand for a product is income elastic with an elasticity coefficient of 2.00. If there is a 35% increase in income then what will the increase in demand be?
6. The cross-price elasticity of biscotti demand with respect to the price of Lattes is -2.20 (Lattes and biscotti are complementary goods). If the price of Lattes increases 20% what would you expect the demand for biscotti to be?
Suppose that Charles, an economist from an AM talk radio program, and Dina, an economist from a university in Massachusetts, are arguing over government intervention. The following dialogue shows an excerpt from their debate:
A corporation is trying to decide whether to buy the patent for a product designed by another company. The decision to buy will require an investment of $8 million, and the demand for the product is not known. Calculate the expected present worth of ..
Wolfe and Baker are the ONLY two firms producing door stopers because of such a small market in their area and both firms are profit maximizing. They have a marginal cost (MC) of $8 and have NO fixed cost (FC = $0). On graph created above, mark the ..
For the Portfolio Project, conduct an analysis of a recent article and provide your evaluation and outcome expectations in an articulate and informative paper that discusses: A minimum of three general economic principles related to the article. Iden..
Suppose a firm in a perfectly competitive industry has a short run total cost function given by TC=1100+0.02Q^2 and a marginal cost given by MC=0.04Q. If the market price is 12, what will the firm’s short run profits be?
Two firms (A and B) are planning to produce a new soft drink for the summer. The soft drinks produced by the two firms can differ only in the level of sugar, aside from that they will be exactly equal. What prices will firms set in equilibrium? To ge..
Suppose a Japanese company discovers a way to split its production process for televisions into two tasks: component production and assembly, and assembly can be offshored to Indonesia. Together, 0.8 units of production labor and 0.2 units of assembl..
Explain clearly what the "phantom" or compensated budget constraint represents. Explain clearly what the income and substitution effects are. Use examples if you wish.
Depict two separate production possibilities curves and clearly label which one represents the quadrant 2 scenario and which one represents the quadrant 3 scenario. Assume Medical Care is on the vertical axis and All Other Goods and Services are on t..
A hearing is scheduled for your company to present arguments that your firm has not increased its market power through this merger. Can you do this? How? What evidence might you bring to the hearing?
Investment project R is estimated to have a net present value of $450,000 at a discounting factor of 11% and a net present value of $50,000 at a discounting factor of 13%.
q.a company designs websites for clients. much of the work is done in-house but it finds that it must subcontract i.e.
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