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Let’s consider two smokers A and B who, following a 10% increase in the price of cigarettes, cut their smoking by 2% and 20% respectively. a) What is the price elasticity of demand for each consumer? Show all the steps of your calculation to get full credit.
The table below shows a monopolist’s demand curve and the cost information for the production of its good. What will their profits equal? Quantity: 10,20,30,40 Price per unit: 100,80,60,40,20 Total Cost: 100,400,800,1400,2400
Assume that the long-run aggregate supply curve is vertical at Y = 3,000 while the short-run aggregate supply curve is horizontal at P = 1.0 (P = 1.0 is the SRAS Curve, in other words). The aggregate demand curve is Y = 3(M/P) and M = 1,000. If the e..
The seaport town of new monopoly has become extremely popular with shipping companies due to its superior location. The port has become so congested that ship must wait hours every day just to dock this is an example of
For this discussion question, you will apply cost principles to business problems. A sunk cost is one that has already been incurred and cannot be recovered. Economic theory supports that only prospective (or future) costs are relevant to a decision...
Using an appropriate diagram, impact of the monopolist on the society's welfare
Alice runs a cupcake business. She uses lots of caster sugar in her baking (a very fine sugar). Alice also owns a thermomix, thus regular white sugar is a perfect substitute for caster sugar. However, regular sugar comes in 2kg bags, while caster sug..
A narrowly diverse culture is always desirable in organizations. The chain of command outlines the planned configuration of positions, job duties, and the lines of authority among different parts of the organization. Task-oriented behavior involves c..
A coal fire plant that produces electricity emits sulfer dioxide, which causes Acid Rain, into the atmosphere. The market equilibrium price of electricity is $6 per kilowatt hour (kWh) and the market equilibrium quantity is 10 kWh. What type of exter..
When Lisa was 16 years old, she bought a pedigree dog on credit for $1,200. While Lisa was a minor she made numerous payments on the contract price for the dog. The dog has now contracted a serious illness. Can Lisa avoid the contract and why? If so,..
A calculator company produces a scientific calculator and a graphing calculator. Because of limitations on production capacity, no more than 220 scientific and 180 graphing calculators can be made daily. To satisfy a shipping contract, a total of at ..
In macroeconomics from williamson (4th edition) in chapter 11, it says that demand for credit is R=q (totally elastic), but in williamsons notation, R is in nominal terms and q in real terms. Isnt that mistaken? Shouldn’t it be r=q? (r=real interest ..
Present Karl Marx’s economic and social critique of capitalism. Provide empirical examples to illuminate the depth and pervasive of those critiques in contemporary American culture.
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