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The equation for a demand curve has been estimated to be Q = 100 – 10P + 0.5Y where Q is quantity, P is price, and Y is income. Assume that P = 7 and Y = 50. a. Interpret the equation. b. What is price elasticity at P = 7 and arc elasticity at the interval between P = 6 and P=7. c. What is income elasticity at Y = 50 and arc elasticity at the interval between Y = 50 and P=60. d. Now assume that income is RM70. What is the price elasticity at P = 8? Also, calculate arc elasticity at the interval between P=7 and P= 8.
Give a definition of Pareto Optimal Allocation in this economy. Find out all Pareto optimal allocations and graph them in the Edge worth Box and also describe what is the theory of Second Best? Prove the theorem by using a diagram.
The Financial Services Modernization Act a. reinforced the Glass Steagall Act b. prevented mergers of banks c. eliminated barriers between banks, brokerage houses, and insurance companies
Compute the price elasticity of demand using the point formula for Px = 20 and Py = 10. Determine whether demand is elastic, inelastic, or unit elastic with respect to its own price and whether Good Y is a substitute or a complement with respect t..
Describe how the circular flow diagram illustrates the interaction of households, governments, and business and Describe the relationship between market and aggregate supply and demand?
The domestic demand and supply for sugar are Qd = 40,000 - 200 P. The foreign supply is QSF = 20,000 + 100 P. Determine the total supply of sugar in the domestic market?
What is the monthly payment if you ?nance the car over 4 years at the following interest rates: 0%, 4%, and 8%?
The marketing team for a restaurant wants to estimate the price elasticity of demand coefficient for its steak dinner. It priced its dinner at different price points in local restaurants to see how many would be sold at different prices.
When the price of X is $1 and the price of Y is $1 and income is I, Joe Panther spends $100 on good X. How many units of goods X and Y does Joe purchase before the price increase and finding the $100.
a limited supply of natural gas to consume (assume that no natural gas will be created in the future). Assume the demand for cubic feet of natural gas is given by the equation, P=350-5Q, the extraction of natural gas has a constant marginal cost o..
If the firm wants to produce one unit of output at minimum cost, how much should it produce in each plant? If it wants to produce two units of output?
What type of market structure is the auto industry? Has consumer surplus been affected in any way due to the changes in the auto industry structure, and if so, how?
Assume that the monopoly faces the inverse market demand function: What should be the monopoly's profit-maximizing output?
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