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Suppose the price of widgets falls from $7 to $5 and consumption of widgets rises from 15 widgets a month to 25. Calculate your price elasticity of demand of widgets. What can one say about the price elasticity of demand of widgets? Is it Elastic, inelastic, or unitart elastic?
(A pence was a British monetary unit equal, at that time, to 2 cents U.S.). Q = output, measured in millions of kWh per year Z = plant size, measured in thousands of kilowatts C. Holding plant size equal to 150,000 kilowatts
A company's marketing dept. obtained information from 10 of the firm's outlets. The information consists of the qty. and price of the products sold at each outlet from the distribution center.
Last year, Maria's income was $1,800. Milk cost $1 per gallon. Bread, which is very expensive where Maria lives, cost $3 per loaf. This year, her income is $3,600. The price of milk increased to $2 per gallon, and the price of bread increased to $..
There is a belief that a person's performance on the GMAT (entrance exam to get into graduate school) can be predicted by their undergraduate GPA. Based on regression analysis what are the following values, (Round to three decimal places; put it ..
What will happen to the price of the bond that pays $3 per year (Suppose that interest rates are 6% in the economy and a safe bond promises to pay $3 per year in interest forever. What do you think the price of the bond will be Why
If R and F both have 12 hours of labor that they can give to catching fish or goats, and R requires 1 hour to catch a fish and 2 hours to catch a goat, F requires 6 hours to catch a fish and 3 hours to catch a goat. They are able to trade at Pf=Pg..
Now consider the production of Good Y. Unlike manufacturing Good Y, in this case, humans and robots are complements. The production function for Y is given by Y=f(H,R)=min(H,R). Again, the wage for humans is $15/hour
f(L,K) = ln(L+1) + ln(K+1) (1) Does this function has any corner solutions? If so, what are the values (2) For what values of (w,r,y), is there an interior solution for cost minimization (3) Find all possible interior solution for (L*,K*)
Consider a simultaneous move quantity-setting game with two firms facing a demand curve p = 100 - q. Both firms have marginal cost of 20. Suppose one firm maximizes profit and the other maximizes revenue, but both take into account the other firm'..
Southwest Airlines (SWA) is planning to expand its fleet of jets to replace some old planes and to expand its routes. It has received a proposal from Boeing to purchase some old planes and to expand its router.
P= 1,100 - 2Q TC= 20qi Q = q1 + q2 1. Construct the Coutrnot profit function. Differentiate this function and solve for the reaction functions of firm one and firm two. 2. Consider the following general reaction function: qi = Ri (qj)qi=270q j/2
American Linen is a firm that has multiple salespersons. In 2008, it changed the compensation method for its sales force, moving from a system of fixed wages to one of base wage plus commission. As a result, American Linen's total revenue from sal..
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