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Suppose the supply curve is Q = √P . Suppose there is no sunk cost.
(a) What is the producer surplus if 3 units are sold at price of P = 10.
(b) Graph the supply curve, P = 10, and the area of the producer surplus.
The Mass Rapid Transit (MRT) System in Hong Kong has been running significant losses. Transport Ministry officials have argued over whether to raise fares to combat the losses. What is the estimated elasticity of demand for MRT rides?
Suppose the current price of gasoline at the pump is $4 per gallon and that one million gallons are sold per month in Texas. A local politician proposes to add a 10-cent tax to the price of a gallon of gasoline, and she claims that the tax will gener..
List the three most important expenditure programs of the federal government. How do these differ from the three most important expenditure programs of state and local governments? Explain why it makes more sense for the federal government to purchas..
The relationship between Price elasticity of demand and Marginal Revenue can be shown to be: There are two types of customers that come to the Barnegat Fish Company to have their signature crab cakes: An affluent group with a price elasticity of dema..
What are some of the main advantages and disadvantages of the extensive financial and commercial networks linking nations today?
Not too long ago Hurricane Sandy hit the northeast portion of the United States, causing serious and costly damage. Given what you've learned this week, what can we conclude probably happened to the price of portable generators? To the price of food?..
McKee Corporation has annual fixed costs of $12 million. Its variable cost ratio is 0.60. Determine the company’s break-even dollar sales volume. Determine the dollar sales volume required to earn a target profit of $3 million.
Illustrate what the reason which individuals households at some time in their lives spend more than they earn and at other times save some of what they earn.
q.1. lee has the utility function ux1 x2 x11x24 the price of x2 is 1. lee spends all his income to buy 6 units of x2
The market is in long-run equilibrium. What market structure best describes the pizza market in this town? Explain. What is average variable cost at this output level for each of the four shops? Explain how you derived this result.
A firm has a monopoly on a new type of gaming console. The market demand is given by P=175.3-0.003*Q and thus marginal revenue is MR=175.3-0.006*Q. The monopolist's marginal cost is MC=5.2+0.001*Q. Calculate the profit-maximizing production quantity.
When the price of gasoline increased from 3 to 4 dollars per gallon, the demand for gasoline decreased from 100,000 gallons to 90,000 daily. Also, the demand for a $50,000 SUV dropped from 3000 to 2500 cars per month. Estimate the price elasticity of..
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