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Question about arc elasticity of demand
1. Use any figures for prices and quantities to calculate and analyze the arc elasticity of demand relative to price for a product, and extend the analysis to showi ts implications on a product decision.
2. Using fully explained indifference curve analysis, derive a demand curve for a product. As part of your answer, explain verbally and show mathematically that consumer equilibrium in the ordinal and cardinal approaches to consumer equilibrium are equivalent.
3. If a firm enjoys economies of scale up to a certain output level, and cost then increases proportionately with ouput, what can you say about the shape of long-run average cost curves. Illustrate graphically the shape of this LRAC curve, and explain what kind of firm is likely to have this type of LRAC (a small firm with more labor and less capital or a large firm with more capital and less labor).
Find out the equilibrium market price. Find out the profits of the leader and the follower
You are working for an unemployment agency which distributes unemployment checks to unemployed workers in your state.
Explain which of the following transactions would be directly counted in 2007's GDP. In each case, explain whether the action causes an increase in Consumption, Investment, Govt. Purchases or Net Export.
The percentage changes in quantity demanded divided by the percentage change in price.
Assume if the objective is to increase total income, should the price be increased or decreased. Explain.
Explain why a monopolist will never set a price (and produce the corresponding output) at which the demand is price-inelastic.
Compute the companies concentration measure. Explain how would it change if Delta merged with United States.
Imagine a person's utility function over two goods, X and Y, where Y represents dollars. Specifically, assume a Cobb-Douglas utility function:
To what peak if anyone does Wal-mart feel itself affected by Federal tax policy
Identify and describe the five sources of growth? Mention and explain four categories (types) of policies designed to promote growth.
Use the demand curve to help you calculate the number of DVDs rented per month and the amount of consumer surplus derived at a rental price of $5.
Discuss the short-run movement toward equilibrium in the currency markets in a flexible exchange system.
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