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Question
Assume that the price of bananas rises from $0.50 to $1.00 per pound and the quantity demanded falls from 1000 pounds to 600 pounds.
a- What is the price elasticity of demand for bananas?
b- Is this elasticity elastic or inelastic?
c- If the price of bananas were to increase by 20 percent, what would be the percentage change in the quantity demanded?
d- What happens to total revenue for banana sellers when the price of bananas increases? Explain your answer.
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An engineer on the verge of retirement has accumulated savings of $200,000 in an account paying 10% compounded quarterly. How much can he/she withdraw quarterly if he/she expects to live for only ten years after retirement
how much more will they earn?
During the current year, sales total $2,000,000, income is $84,700 per capita, advertising is $500,000, and competitor advertising is $300,000. Previous period levels were $77,000 (income), $400,000 (advertising), and $400,000 (competitor advertis..
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A company makes small loans to students, lend in the amount of $500. The borrower is required to pay $40 at the end of each week for 16 weeks. Find the interest rate per week
Studies indicate that the price elasticity of demand for cigarettes is about 0.4. If a pack of cigarettes currently costs $5 and the government wants to put a tax on it to reduce smoking by 20%, what should be the size of the tax per pact of cigare..
If firm A decides to adopt the innovation and firm B decides not to adopt it, A earns $20 (minus the cost of the innovation) while B earns $0. If firm A adopts the innovation and firm B adopts it as well, each firm earns $15 minus the cost of the ..
Tangent distance nearest-neighbors. In each case choose the number of neighbors by tenfold cross-validation. Compare the results.
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