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A firm's demand function for product X has the following question:Qx = 1420 -20Px- 10Py + 0.02M + 0.04Awhere Qx is the quantity purchased, Px is the price of X, Py is the price charged for a related good, M is per capita income, and A is the dollar spent on advertising.
Suppose the firm spends $1200 per week on advertising, that Py=$40 and that income is $8,000 per capita.
a.) Write the equation of the demand curve for product X.b.) Briefly explain how product X is related to product Y. (Is Y a substitute or a complement, and how can you tell?)c.) Given the stated values of the other independanct variables, calculate the point price elasticity of demand for X at Px = $50.d.) Given the stated values of M, A and Py at what price and quantity demanded will total revenue maximized? What will the maximum revenue be?
Swapna David is a customer assistant consultant for Acme Information Systems, who provides assistance for computer users. The mean number of calls per hour is 40 from across the United States and calls are independent.
On January 1, Frank Jensen bought a used car for $7200 and agreed to pay for it as follows: 1/3 down payment; the balance to be paid in 36 equal monthly payments; the first payment due February 1; an annual interest rate of 9%, compounded monthly.
Kim deposits her annual bonus into a saving account that pays 8% interest compounded annually. The size of her bonus increases by $2,000 each year, and the initial bonus amount is $5,000.
A man wishes to set aside money for his daughter's college education. His goal is to have a bank savings account containing an amount equivalent to $20,000 in today's dollars at the girl's 18th birthday. The estimated rate is 8%. If the bank pays ..
Calculate and print out the balance due, principal payment, and interest payment for each period of a used-car loan. The nominal interest is 12% per year, compounded monthly. Payments are made monthly for 3 years. The original loan is for $11,000.
estimate the following cross-sectional model based on data for all 50 states (standard errors in parentheses): Ci^ = 100 - 9.0E+ 1.0i - 0.04T - 3.0V + 1.5R (3.0) (1.0) (0.04) (1.0) (0.5) t = -3.0 1.0 -1.0 -3.0 3.0 where Ci = number of cigarettes c..
The retailer, in turn, brings in $160,000 from selling the bulbs directly to final customers. What amount would these two transactions add to personal consumption expenditures and thus to GDP during the year
New actuator element technology enables engineers to simulate complex computer-controlled movements in any direction. If the technology results in cost savings in the design of amusement park rides, what is the future worth in year 5 of savings.
A city is spending $20 million on a new sewage system. The expected life of the system is 40 years, and it will have no market value at the end of its life. Operating and maintenance expenses for the system are projected to average $0.6 million pe..
Suppose there are 100 firms in the economy. Let us call them firm 1, firm 2, and firm 100. For firm j (j=1,2,100) the labor demand (or equivalently MPN) is Nj = 1 - 0.02w where w is the real wage. Note that labor demand function for the whole econ..
Bernie, the manager of the S& L who will make the lending decision, receives 1% of the firm's earnings. He believes that if the S& L loses money, he can walk away from his job without repercussions, although without compensation.
a. What is the optimal number of lures and guitar picks for Anthony to purchase How much utility does this combination bring him b. If the price of guitar picks doubles to $2, how much income must Anthony have to maintain the same level of utility
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