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A hot dog vendor faces a daily demand curve of Q=1800-4p, where P is the price of a hot dog and Q is the number of hot dogs purchased each day.
If the vendor has been selling 300 hot dogs each day, how much revenue has he been collecting?
What is the price elasticity of demand for hot dogs?
The vendor decides that he wants to generate more revenue. Should he raise or lower the price of his hot dogs?
At what price would he achieve maximum total revenue?
Suppose that Bridget and Erin spend their incomes on two goods, food (F) and clothing (C). Bridget’s preferences are represented by the utility function U(F,C) = 10FC, while Erin’s preferences are represented by the utility function U(F,C) = 0.20F2C2..
Discuss the following statement: Whenever the output is below potential and the government has a fixed exchange rate policy, it can use monetary policy to stimulate the economy and bring it back to full potential.
If the economy is currently producing 40 units of cotton and 6 units of wheat, then what is the approximate opportunity cost of producing 10 more units of cotton?
Consider a competitive industry with many identical firms. The supply curve of an individual firm is given by S1(p) = 2p when p ≥ $2 and S1(p) = 0 when p
In principle, the antitrust laws are designed to promote competition and improve market efficiency. Given the work by Williamson (1968) and Demsetz (1973), explain why these laws may promote static efficient but fail to promote dynamic efficiency.
Singapore Airlines (SIA) is considering an expansion of its fleet. Specifically, SIA is considering the purchase of twenty new A380-800 airplanes from Airbus. Airbus has offered SIA the following options concerning the transaction:
Do some research and write a Topic Paper that describes the market structure in which a typical professional sports team in or outside the United States (e.g. New York Yankees, Kansas City Wizards, New Jersey Nets, Manchester United, etc.) operates. ..
Suppose the unemployment is above the natural rate and the economy is at an inflation rate. How does the economy return to the natural rate of unemployment if this lower inflation rate persists?
A demand curve that is horizontal indicates that the commodity
The relationship between Price elasticity of demand and Marginal Revenue can be shown to be: There are two types of customers that come to the Barnegat Fish Company to have their signature crab cakes: An affluent group with a price elasticity of dema..
with the aid of a diagram explain how a floating exchange rate is determined. Explain how will a depreciation of the rand influence our exports and imports.
What features of the product cycle theory are at variance with the assumptions of the Heckscher-Ohlin model? How might the imitation lag hypothesis be incorporated into the product cycle theory?
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