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Suppose that over a range of prices, the price elasticity of demand varies from 15.0 to 2.5. Over another range of prices, the price elasticity of demand variesfrom 1.5 to 0.75. What can you say abo
You are the manager of a firm that receives revenues of $ 30,000 per year from product X and $ 70,000 per year from product Y. The own price elasticity of demand for product X is -2.5, and the cross
Suppose the average puppy weighs 10 pounds. A sample of 10 puppies yields a sample mean of 13.2 pounds and a sample standard deviation of 2.78 pounds. Assume the population standard deviation is kno
In the economic of Zip, the marginal propensity to consume is 0.8. Government expenditures on goods and services are 50 billion, and taxes are 60 billion. Zip has no exports and no imports. the gove
Calculate b1, the slope of an OLS regression line using dollars spent as the dependent variable (Y) and age as the independent variable (X). Consider the follow data on moviegoer spending on snacks:&
The firm currently uses 50,00 workers to produce 200,000 units of output per day. The daily wage per worker is $80.00, and the price of the firm's output is $25.00. The Cost of other varibles inputs
The starting salaries for full-time jobs for recent graduates in statistics are normally distributed with a mean of $44,000 and a standard deviation of $2,900. If random samples of 25 recent graduat
The price of a pie is now $11 how many pies are sold How many pies does each producer make How many producers are there How much profit does each producer earn c. Is this situation described in part
A firm uses two inputs in production: capital and labor. In the short run, the firm cannot adjust the amount of capital it is using, but it can adjust the size of its workforce. What happens to the
In a particular region, there are two lakes rich in fish. The quantity of fish caught in each lake depends on the number of persons who fish in each according to Q1 = 15 N1- 0.5 N12 and
Suppose a firm produces widgets on two assembly lines and operates with the following Total Cost function: TC = 3x*2 + 6y*2 - xy Where x represents the number of widgets produced on one assembly line
Ilkka's income is $120 and he spends it on two goods, X and Y. His utility function is U = XY. Both X and Y sells for $2 per unit. (a) Calculate Ilkka's utility-maximizing purchases of X and Y. (b) H
An individual lives in a world where there are only two goods, X and Y. His utility function per period is given by: U = 25x - 0.5x^2 + 50y - y^2 The price of x is $4 and the price of y is $8.What i
Moe's income is $320 per week and he spends it on two goods, X and Y. Good X costs $8 and good Y costs $4 per unit. His utility function is U = 4.5XY. (a)Calculate Moe's utility-maximizing purchases
The staff budget for the Wellness Center for the coming semester is $1,200.00. Each member of the medical staff costs $60 and each member of the counseling staff costs $30. (a) Determine the optimal
A firm has decided through regression analysis that its sales (S) are a function of the amount of advertising (measured in units) in two different media, television (x) and magazines (y): S(x, y)
Suppose Mary is in consumer equilibrium. The marginal utility of good A is 30, and the price of good A is $2. a)If the price of good B is $4, the price of good C is $3, the price of good D is $1, an
According to Oil & Gas Journal, the proven oil reserves of the top 12 oil producers was 1137 billion barrels of oil in 2007. In that year, the U.S. Energy Information Administration reported tha
You run a chain of movie theaters, so you commission a marketing study that categorizes your potential customers into 10 equal-sized groups according to what they're willing to pay for a movie ($10
Taxicab fares in most cities are regulated. Several years ago taxicab drivers in Boston obtained permission to raise their feres 10 percent, and they anticipated that revenues would increase by abou
If the elasticity of demand for cocaine is -.2 and the Drug Enforcement Administration succeeds in reducing supply substantially, causing the street price of the drug to rise by 50%, buyers will spe
Calculate the change in deadweight loss if the U.S. replaces a prohibitive tariff per unit on imported wine by an equal production subsidy per unit of wine sold by U.S. producers. [Note: P = price p
A new machine will cost $25,000. The machine is expected to last 4 years and has no salvage value. If the interest rate is 12%, determine the return and risk associated with the purchase. Probabilit
Suppose the market for cigarettes is characterized by the following information: Qd = 70 - 5P [Demand] Qs = 3P - 10 [Supply] Suppose the government imposes a sales tax of $2 per unit.
Suppose a car wash firm that has 3 workers is able to wash 120 cars per day. When it adds one more worker, it is able to wash 152 cars per day in total. Suppose each car wash costs $15. Then the mar