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Granny’s Restaurant sells apple pies. Granny knows that the demand curve for her pies does not shift over time, but she wants to learn more about that demand. She has tested the market for her pies by charging different prices. When she charges $4 per pie, she sells 30 pies per week. When she charges $5, she sells 24 pies per week. If she charges $4.50, she sells 27 apple pies per week.
a) With these data draw a graph of the linear demand curve for Granny’s apple pies.
b) Find the price elasticity of demand at each of the three prices.
What levels of G and T are needed to both move to full employment at Yf and balance the budget? Now assume economy is operating at full employment and that the budget is balanced. Suppose that the government imposes an income tax with a marginal t..
An orange goes through four major steps on its way from grove to grocery store at the Sunkist Citrus Processing Plant in the southern San Joaquin Valley: washing, waxing, grading (inspection), and packaging. The facility's production technology can b..
What economic problem is the nation facing and what would be the goals of your Fiscal Policy
Firm A currently monopolizes its market and earns profits of $10M.Firm B is a potential entrant that is thinking about entering the market.If B does not enter the market,
Calculate the break-even weight for weaners. Show your calculations here and Develop a partial budget for a change in weaner cattle production.
Suppose the general public purchase $500 million in government bonds and pay for them by drawing cheques on their chartered bank deposits. 1) Calculate the (target) reserve requirement
How does the market price of a good in a monopoly market compare with the market price of the same good in a perfectly competitive market.
describe the concept of investment spending, as wellas what will happen to the aggregate demand curve if investment spending is increased autonomously and provide an example ofspending that a macroeconomist would consider "investmentspending."
The list price of an orange dial Luminox watch is $650. Katz Jewelers receives a trade discount of 30%. Find the trade discount amount and the net price.
A monopoly firm is different from a competitive firm in that: there are many substitutes for a monopolist's product while there are no substitutes for a competitive firm's product. a monopolist's demand curve is perfectly inelastic while a competiti..
Explain the circumstances in which a monopolist may encounter a free rider problem and determine the senses in which a perfectly-discriminating monopolist is efficient or inefficient.
Draw an aggregate production function with typical shape and label it "F". Make sure to label the axis of the graph. Now, add two more production functions based on the following scenarios.Efficient institutions are adopted in a country. Label this..
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