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An increase in the market price of men's haircuts, from $15per haircut to $25 per haircut, initially causes a local barbershop to have its employees work over time to increase the number of daily haircuts provided from 35 to 45. When the $25 market price remains unchanged for several weeks and all other things remain equals well, the barbershop hires additional employees and provides 65 haircuts per day. What is the short-run price elasticity supply? What is the long-run price elasticity of supply?
Producing a product and/or service has to involve a lot of strategic planning for the producer. It is not logical for a producer to just pick how much they want to produce without analyzing several key figures.
A price taking firm chooses its inputs to maximize short-run profits. Its Cobb-Douglass production function has the following form: q(L, K) = L^(1/2) K ^(1/3). Set up the profit function in terms of labor only. Another price taking firm chooses its i..
Explain how shortages/surpluses are eliminated in a free market system. You can use graphs and specific examples in your analysis. Graphs don’t count towards the word limit. Explain the difference between scarcity and shortage.
q1. assume the following model of expenditure sectorsp c i g nxc 420 45yd yd y - ta tr ta 16ytr0 100i0 160g0
Suppose the premium on a 6-month S&R call is $ 107.5 and the premium on a put with the same strike price is $ 59.3. Assuming that the effective annual interest rate is 3 %, and that today's price for the non-dividend paying S&R index is $ 1,000, what..
Board of directors has directed you to choose an output level that maximizes the firm's profit. You have an incentive to maximize profits because your job and salary depend on the profit performance of this company.
In competitive market the market demand is Q=60-6P and supply =4P
New York & Co. is considering a limited edition denim jacket. Because it is so special, the first few will sell for a very high price, the next for less, and so on. A curve on a graph is used to estimate the price of each jacket. The manufacturing eq..
When quantity supplied increases at every possible price, we know that the supply curve has
A competitive advantage furthermore earns a life span income of $6 million moreover the non-steroid user earns $1 million.
If he is an expected utility maximize who tries to maximize the expected value of ln W, where ln W is the natural log of his wealth, Explain how many coupons would it is rational for him to buy.
q.assume that the price elasticity of demand for cigarettes is .46 in the short run and 1.89 in the long run the income
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