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1. If as price decreases by 10 percent, total revenue increases by 5 percent, what is true about demand?
2. In 2014, India substantially increased its import tariff on sugarcane. Which of the following would the model of supply and demand not predict?
3. A local market for new wood pallets has daily demand described by P=195-0.2Q and supply described by P=87+0.1Q. Calculate the equilibrium quantity.
4. Suppose a market has a supply described by P=5.0+0.2Q and a demand described by P=8.0-0.1Q. Calculate the equilibrium price.
Explain what occurs when a new technology makes another one obsolete in terms of economic profit?
You are trying to decide between buying a Toyota Camry and Honda accord. The initial cost of Camry and accord are $23,000 and $25,000, respectively but the annual maintenance of Camry is estimated to be $200 more compared to accord. What is the incre..
Once upon a time there was a sacred temple hidden in the deep mountains, in which believers gathered to exercise meditation to become saints. The believers sat in a circle facing each other while meditating during the day, and retired to their separa..
The demand for 1,000 units of a part to be used at a uniform rate throughout the year may be met by manufacturing. The part can be produced at the rate of 3 per hour in a department that works 1,880 hours per year. The set-up cost per lot is estimate..
Suppose that Gus's Tattoo Studio in Athens, GA is holding $11,000 in money. The annual inflation rate is steady at 10 percent, and the price level has risen from 1.0 to 1.1. How much did Gus's lose to inflation tax at the end of the year?
Why are barriers to entry essential for a monopoly to exist? Which of the following is NOT an example of a barrier to entry for monopolists? To charge different prices to different individuals or groups of individuals is called: An industry in which ..
Consider a health utility questionnaire with only 3 domains (physical role, social role, and cognitive health), each of which has two levels (no problem and some problems). Calculate the utility of a person having some cognitive problems and some soc..
U.S. Airways experienced huge losses for several years in the 1990s, yet it continued to operate its fleets.
A famer develops and patents a new method for growing corn that decreases the cost of growing corn by $300 per acre. thereby increasing his profits from growing corn. According to ____principle. The farm argues that he should keep the entire $300 per..
q.in the united states private schools charge tuition and compete against private schools that do not. one policy
Suppose that the short-run price elasticity of the supply of gasoline is 1.6. If the price falls by 5%, the quantity supplied will change by _________.
If the bank compounds interest yearly, explain how much will you have in your account on January 1, 2015
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