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our firms have roughly equal shares of the market for farm-raised catfish. The price elasticity of demand for the market as a whole is estimated at -1.5.
a. If all firms raised their prices by 5 percent, by how much would total demand fall?
b. What is the price elasticity if a single firm raises its price (with other firms' prices unchanged? Hint: Use the expression for elasticity in equation 3.8b, EP = (dQ /dP)(P/Q), and note that the individual firm's output Q 1 is only one-quarter as large as total output Q.
c. Suppose that the quantity supplied by the four firms is forecast toincrease by 9 percent. Assuming that the demand curve for catfish is not expected to change, what is your forecast for the change in market price (i.e., what percentage price drop will be needed to absorb the increased supply)?
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Suppose that you value a hat from your favorite university at $20. The university bookstore has the hat on sale for $15. You purchase the hat but lose it on the way home. What should you do? Assume that losing the hat does not alter how you value it.
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For given input prices, less expensive bundles of inputs are associated with:
Based on those calculations, briefly describe the overall economic performance over the last 7 years (2006-2013) and critically predict about these three macroeconomic variables for 2014-15. 5 pts
describe the business environment in the city or town that you live in. you should explain what the current economic
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