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a. If 10,000 two-liter bottles of Pepsi are currently being demanded in your community each month, and the price increases from $1.90 to $2.10 per bottle, what will happen to quantity demanded? (elasticity of demand for Pepsi is 2.08).
b. By how much would the price of ground beef have to increase (in percentage terms) in order to reduce quantity demanded by 5 percent?
What is the expected value and variance of y = 3x+2 knowing that E(X) = 8 and var(X) = 4.
Assume the price elasticity of cigarettes is 0.25. By how much would prices have to increase to get a 20% reduction on smoking?
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A firm has the following inverse demand function: where Q is Quantity and P is Price (a) Find the firm's marginal revenue function. (b) Find the level of out
remedial measure of multicolinearity
Production Functions, Labor Markets, and a Small Open Economy. In 2007, the Icelandic economy was in general equilibrium, the supply of labor was a positive function of the real
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Ask question #are there any welfare or subsidy payment that should be reviewed or added?
(a) What is a white noise process? (b) Distinguish between exogenous and endogenous variables, using examples. (c) What do you understand by simultaneity bias and can OLS
The town of Dusty View, Saskatchewan has only two residents - Justin and Sarah - and has a water supply shortage in the summer. The municipal water utility charges a break even pri
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