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Industry demand and supply functions for generic (unbranded) 12 ounce cans of cola are as follows: QD = 46,000 - 10, 000P + 3,000Pc + 4Y + 200T (Demand) Qs = 4,000 + 8,000P - 1,000PL - 500PK (Supply) Where P is the average price of generic cola ($ per case), Pc is the average price of name-brand cola beverages ($ per case), Y is income (GNP in $ billions), T is the average daily high temperature (degrees), PL is the average price of unskilled labor ($ per hour), and PK is the average cost of capital (in percent).
a.) What are the generic cola demand and supply curves if Pc = $5, Y = $6,000, T = 75 degrees, PL = $6, and PK = 12 %.
b.) Calculate the market equilibrium price/output combination. Market equilibrium is where Qs = Qd *
Setup a two-variable regression model (i.e. write down the PRF) to examine the impact of per capita disposable income on real per capita gasoline expenditures.
The weekly demand and supply functions for seats on flights between Syracuse and Boston have been estimated as follows: Qd = 1600 - 2.5 Price + .040 Income - 4 Weather + 1.20 Pa ( where Pa is the price of alternative means of travel )
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The prices of five computer stocks increased by 37.2 percent, 1,140.0 percent, 2.7 percent, 842.0 percent and 0.95 percent, respectively since 1990.
Martha has $150 of disposable income to spend each week. She buys Malted milk balls and Snickers. Suppose that malted milk balls cost $2.50 per bag and Snicker cost $1 per bag. 1. What is the equation of Martha's budget constraint, assuming we wil..
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Suppose that individual demand for a product is given by QD = 8000 - 10P. Marginal revenue is MR = 800 - 0.2Q, and marginal cost is constant at $20. There are no fixed costs. The firm is considering a quantity discount. The first 300 units can be ..
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