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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 widgets. Calculate your price elasticity of demand of widgets. What can you say about your price elasticity of demand of widgets? Is it Elastic, Inelastic, or Unitary Elastic? Why? Use the Midpoint formula and please show your work.
Calculate the point cross price elasticity of demand with respect to the price of competing television sets (P C ) at the values represented in question six and calculate the point income elasticity of demand for HD televisions at the values represen..
Which of the following will not produce an outward shift of the production possibilities curve. reduction in unemployment rate.
What is the least costly way for the firm to produce 80 units?
What is the price of money? Hint: interest rates. How are interest rates determined?
you need to hire some new employees to staff your startup venture. you know that potential employees are distributed
a justification for job training programs is that they improve worker productivity. suppose that you are asked to
If the government had the option to either make changes to the tax rates or vary government spending to combat a recession that is already in progress, which of these two fiscal policies do you think would have a greater time lag to see its effect..
The firm produced 800 units per day, it total cost will be $300, and it it produced 500 units per day, it total cost will be $275.what are the firm's ATC per unit at these three levels of production.
jet blue corporation continuously offers fare discounts to attract customers awareness about the company increase
Think of a business firm you recently visited (such as Walmart, Home Depot, Red Lobster, Barnes & Noble, McDonald's, etc.). What motivated the producers of all the individual products in the store to make them and offer them for sale
What is Hans' marginal rate of substitution of C for F when utility is maximized? (To be clear, we mean the value of F in terms of C). Explain.
Can you determine precisely by how much producer surplus has increased as a result of the $14.82 increase in the average fare? If you cannot be precise, can you determine whether it will be less than, or more than, a specific amount?
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