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Assume the demand for good X is log-linear, with a constant price elasticity of -½ {i.e., QX = c • (PX)-1/2}. If the quantity demanded is 80 when PX is $4.50, what is the quantity demanded
When the price doubled, consumer expenditures remained at $3 billion annually. What the given data indicates?
How many months will it take to pay off a $525 debt with monthly payment of $15 at the end of each month if the interest rate is %18 compounded monthly.
In a competitive market for an inferior good we have a fall in the price of an intermediate good used in production and a fall in expected future household income.
the probability of occurrence (P(X)). Compute the Expected Value (mean), the Variance and the Standard Deviation for this random variable.
By how much does producer surplus (PS) decrease if the price ceiling is imposed? What is the value of the deadweight loss (DWL) associated with this price ceiling?
Her bank pays 3 percent a year on savings accounts. At the end of the year, Sonya was offered $1,600 for her cash register. Calculate Sonya's explicit costs, implicit costs, and economic profit.
Draw and explain a production possibility frontier for an economy that produces corn and rice, what happens to this frontier if a new fertilizer is developed.
Differentiate between monetary policy instruments and monetary policy tools. Describe the two key tools of monetary policy.
Policy Institute of California survey of registered voters reported Arnold Schwarzenegger in the lead with an estimated 54% of the vote. What was the population for this survey?
What will be the effect of the high fixed costs to the number of firms in the industry? To the firm size? Is marginal cost higher or lower for a firm with high fixed costs?
Suppose the conditions set out in (a) hold. All else equal, what happens if the government imposes a 25% tax on his profits?
Five hours of labor are required to produce 1 unit of iThings, while 4 hours are required to produce 1 unit of widgets. Find the shape (slope) and dimension of Country Z's PPF.
Either to enter or stay out at the beginning of period 2 after observing the price charged by the incumbent in period 1. a) Construct the extensive form of the game described above.
The cost of dismantling and disposing of the turbine at the end of its 8-year life is $8000. If the MARR is 15% per year, what is the annual equivalent life-cycle cost of the gas turbine?
Draw a consumer's budget line under the assumption that the real interest rate earned on funds lent, rL , is lower than the real interest rate paid to borrow, rB.
Draw Patrick's new budget constraint and optimal consumption bundle. How many Celtic concerts does he attend in April? How many bottles of water does he drink in April?
Choose an industry in Canada which falls within the category you have chosen. Analyse the characteristics of the industry within the framework of the text book.
Will a monopolist's total revenue be larger with second-degree price discrimination when the batches on which it charges a uniform price are larger or smaller? Why?
Buyer will pay $350,000, a 0.1 chance a buyer will pay $400,000, and 0.25 chance it will not sell. If you must commit to a posted price, what price maximizes profits?
Find you have check #1234 for $15.00, #1235 for $9.23, and #1236 for $22.50 and two deposits of $123.56 and $156.78 as outstanding. What balance should appear in your checkbook register?
consider the case of several large, established pharmaceutical manufacturers such as Merck. What type of market form do you believe that such manufacturers operate under?
One cause for the increase in price has been an increase in demand for college education. In the standard model, what could be a possible explanation for the increase in the demand for college educa
If XYZ Company can sell as many hammers it wishes at the current market price of $20, how many hammers should it produce to maximize its short-run profits?
Other things being equal, an increase in wages paid to workers in the steel industry will cause. Which of the following will cause an outward (rightward) shift in the supply curve?