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Suppose the demand function for the Toyota Camry is given by Qd = 500 -12PC + 10PH - 5PG + 0.0001M, where PC is the price of the Toyota Camry (in thousands), PH is the price of the Honda Accord (in thousands), PG is the price of gas (per gallon) and M is income. Further, suppose the supply curve for the Toyota Camry is given by Qs = 20PC - 55.
a. What is the demand curve for the Toyota Camry if the price of the Accord is $25,000, gas is $2 per gallon and income is $50,000?b. What is the equilibrium price and quantity in the market for Toyota Camrys?c. Is demand elastic or inelastic at the equilibrium price?d. What is the cross price elasticity of demand at equilibrium?e. What is the income elasticity of demand for Camrys at equilibrium?
The government spends 80, financed by borrowing, to provide public services. If autonomous consumption plus investment is 210 and the marginal propensity to consume MPC = 0.8, what are the equilibrium real GDP values before and after the governmen..
The Klein Corporation's marketing department, using regression analysis, estimates the firm's demand function, the result being Q = -104 - 2.1P + 3.2I + 1.5A + 1.6Z R2 = 0.89 Sample = 200 observations where Q is the quantity demanded, P is the price,..
where Q is the quantity demanded of its product, P is the price of its product, Pr is the price of its rival product, and I is per capita disposable income. At present, P=$10, Pr=$20, and I=$6000
suppose that the professor imposes a price floor of $15 per book. Sellers are pleased because they think that they will be able to get more money this way. How to calculate how much cash would the sellers receive from selling their books now
Suppose a consumer buys 10 units of good X and 20 units of good Y every year. The following table lists the prices of goods X and Y in the years 2005-2007. Assume that these two goods constitute the typical market basket.
Suppose that two players are playing the following game. Player A can choose either Top or Bottom, and Player B can choose either Left or Right. The payoffs are given in the following table: Player B LEFT RIGHT
To do this, you must determine how many workers the firm should hire for different values of the wage rate in order to maximize profit. Complete the table below: Wage Rate Per Worker Quantity Demanded of Workers $45 $75 $225 $270 $320 $340
A firm in a perfectly competitive market will produce 0 output in the short run if the price in below $20 but will produce if the price is above $20. The smallest quantity they will produce in the short run is 6. The minimum of ATC is $447.75
A purely competitive firm finds that the market price for its product is $30.00. It has a fixed cost of $100.00 and a variable cost of $15.00 per unit for the first 50 units and then $35.00 per unit for all successive units.Does price exceed avera..
In order to produce the wheels themselves, Pramble would have to add to existing facilities at a cost of $800,000. It estimates that its unit cost of production would be $3.50. At the current time, the company sells 10,000 carriages annually.
suppose that a researcher discovers that a measure of the total amount of debt in the U.S economy over the past 20 years was a better predictor of inflation and the business cycle than M1 or M2.
A recent internal study revealed that this client's demand for your software is Q^d = 100 - 0.1P and that it would cost you $500 per unit to install and maintain software at this client's site. the profit that results from charging this client a si..
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