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Suppose the demand curve for a product is given by
Q = 10 - 2P + Ps
where P is the price of the product and Ps is the price of a substitute good. The price of the substitute good is $2.00. a. Suppose P = $1.00. What is the price elasticity of demand? What is the cross-price elasticity of demand?
b. Suppose the price of the good, P, goes to $2.00. Now what is the price elasticity of demand, and what is the cross-price elasticity of demand?
After economics class one day, your friend suggests that taxing food would be a good way to raise revenue because the demand for food is quite inelastic.
It has often been said that craft unions (electricians, carpenters, etc.) possess considerably greater power to raise wages than do industrial unions (automobile workers, steel workers, etc.) How would you explain this phenomenon in terms of deman..
Calculate the equilibrium price and quantity. Sketch the supply and demand curves on a graph indicating the equilibrium.
Suppose the price of housing stays at 2 and the price of food stays at 10. What will happen to her budget constraint if her income increase to 100? What happens to her budget constraint when her income decreases to $20.
What are the short- and long-term economic benefits and costs associated with our current high federal government budget deficits Do you think the economic benefits outweigh the economic costs, or not Why If we wished to reduce the budget deficit t..
Could a future advance in technology allow production beyond the current possibilities curve Could international trade allow a country to consume beyond its current possibilities curve Is production at a point outside the production possibilities c..
In developing nations, young women have lower enrollment rates in secondary school than do young men. Describe several ways in which greater educational opportunities for young women could lead to faster economic growth in these countries.
Consider a $500,000 initial investment, annual savings of $92,500 for a 10-year period, a salvage value of $50,000, and a 10 % MARR applies. Using a spider plot, examine how sensitive the annual worth for the investment is to errors in estimating t..
Using two graphs, show consumer surplus before and after government intervention.
Using Minitab estimate the expected value of its profits and standard deviation of profits and calculate the expected value of returns of stock A & B
If Alisha Maintenance manufacturing then how would Alisha's management improve its cost function to better understand their past maintenance costs and predict future maintenance costs.
Now suppose there is another country called Lotech which has not seen the innovations in credit cards and ATMs that Hitech has. If the rate of money growth and the growth rate of real GDP were the same in Hitech and Lotech over this period, then h..
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