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Consider these 3 items: coffee, Folger’s Coffee, and hot beverages.
Which item will have the highest elasticity of demand and why?
Which item will have the lowest elasticity of demand and why?
For each pair of items below determine which product would have the higher price elasticity of demand (in absolute value) and why.
a. Insulin for a diabetic or aspirin for someone suffering a headache.
b. A new Whirlpool 27 cu. ft. side-by-side refrigerator or electricity to power your all-electric home.
c. A can of Red Bull or soft drinks in general.
The long-run cost of gas is 100. The price step size is 1.25. The initial price of gas is two steps below the long-run cost. The well produces 10 units of gas in the first period of drilling and 7 in the second period of drilling. When will the produ..
Find out the marginal revenue also the marginal cost functions and show them graphically. Find the monopolist's price, output, profit, and the price of the cost margin.
Assume that wages and prices are sticky and that we start at a long-run equilibrium. Assume that at this initial point, the growth rate of the money supply is 6%, the growth rate of the velocity of money is 2% and that the real economic growth rate i..
A business produces 4,000 units per month which it sells at $20/unit. Costs include: $10,000 on raw materials, $15,000 in wages for operators and $10,000 in wages to sales people. If the business is just breaking even, what are its fixed costs: A fir..
At the prompting of the United States, Japan relaxed the restrictions and allowed the companies to invest anywhere in the world. Illustrate what effect do you think this had on the yen/dollar exchange rate and the trade balance between the two cou..
Assume that the market for Coca-cola in your area is perfectly competitive, with Demand P= 11-0.1Qd and supply P= 1+ 0.1Qs. Each firm that sells Coca-cola is indentical, with Total Cost TC= 1+0.5Q+2Q? Identify the consumer and producer surplus on the..
q1. if a monopolist has an own-price demand elasticity of -.8 is it maximizing profits? explainq2. what are some
A study finds that leaf blowers make too much noise, so the government imposes a $10 tax on the sale of every unit to correct for the social cost of the noise pollution. The tax completely internalizes the externality. Before the corrective tax, Blow..
There is strong empirical evidence to support absolute convergence across the US states (when each state is viewed as a separate economy) and there is somewhat weaker evidence to support absolute convergence across Europe. On the other hand, there is..
Assume that an economy is in the long-run equilibrium with the GDP deflator of 150 and potential output of $40 billion. The economy is experiencing a shock – a sharp drop of stock prices. What problem is the economy facing? The government decides to ..
Presto Products, Inc., recently introduced an innovative new frozen dessert maker with the following cost relations: TC = $100,000 - $1,500Q + $0.1Q2. Calculate the total cost minimizing activity output (Q). Calculate the average cost minimizing acti..
President Bill Clinton assigned his wife the task of developing a national health insurance plan to increase the availability of medical care for the poor. Explain how would one determine the opportunity cost of the proposal.
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