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Explain how much consumers will pay for a pound of coffee. What is the quantity demanded. Compute the tax revenue collected by the government.
Compute of profit maximizing price and quantity under monopoly.
A government regulatory agency sets price ceiling of $7 per unit. Find out quantity produced Profit. What happen to the degree of monopoly power.
It occurs to the managers of these industry that they could do better by colluding. If the collude what will be the profit maximizing output.
Assume firm 1 can set its output level before firm 2, how much firm 1 will produce. Illustrate what is the market price and what the profit for each firm.
American Mining Company is interested in obtaining quick estimates of the supply also demand curves for coal.
Equating demand and supply functions to find surplus and shortage.
Assume Paul spends all of his salary on DVDs. How many can he buy and what is his utility.
Comput utility from utility function. Paul derives utility only form CDs and DVDs. His utility function.
Solving the utility function also finding indifference curve and the budget line equations. Tom have only $60, and he want to spend it all on clothing.
The head of the accounting department indicates which if the product is produced and marketed.
She thus reasoned that if she increased the price of her rentals her total revenue would increase.
Computing demand at current prices and income. A steel company trade group estimates that the demand for steel in a particular marketplace.
Illustrate what does this number tell you. Is the income elasticity consistent with economic principles.
Illustrate kinds of conclusions can you make about the demand for steel. If management's objective is to maintain the quantity of steel demanded at current levels.
Describe the optimal combination of capital and labor that this company should employ. Illustrate what is the associated minimum cost incurred by the firm.
Describe the firm's total product of labor curve. Describe the firm's average product of labor curve.
Give a report to management of the firm as to whether or not it should continue to operate at a loss.
The six month interest rates 5% and 6% yearly in the US and the UK respectively. If the six month forward rate is $1.49/pound. What must the spot rate be to prevent covered interest arbitrage.
Assume the United States economy experiences deflation. Trace through the impact on US macroeconomic variables to the effect on FOREX rates.
Compare also contrast purchasing power parity with the international Fisher effect as well as their impact on the determination of FOREX rates.
Elucidate what additional information is needed to compute the price elasticity of demand for VCRs.
Compute the cross-price elasticity of demand between goods X and Y at the given prices. Illustrate what is the own price elasticity of demand at these prices.
Over the past decade medical price have rise more rapidly than other prices. In order to rising medical costs have affected customer alternatives.
Calculate the oligopolist's total revenue at each of the nine prices. Illustrate what is the range of marginal cost that will keep the price set at the kink.