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Question: Suppose the demand for the IBM personal computer is:
Qd = 2400 - 4p
(a) At what price is the price elasticity of demand equal to zero?
(b) When the price elasticity of demand equal to 1, what's the quantity being demand at that point?
(c) Figure out at what price, the price elasticity of demand is infinite, and explain what does infinite price elasticity of demand mean?
(d) What's the change of revenue generated by sale when the price elasticity of demand falls from infinite to 1.
Identify whether the copy center is facing a cost-push or demand-pull inflation and provide a rationale for your answer. Suggest a policy that could help the business in the short run and long run.
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Assume that a purely competitive firm is selling 2000 television sets a day at a cost of $90,000. Assume that if the firm sells 1600 units per day, its total cost would be $60,000, and if it sold 1000 units per day, it would have a total cost of $55,..
Explain perfect competition or imperfect competition. For example the unemployment rate is a statistic in very common use.
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The CPI calculation
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For simplicity, let's assume that every household has a marginal propensity to consume (MPC) of 0.75. If the government implements a fiscal policy involving its purchases of goods and services
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What is the equilibrium level of output for this economy? Suppose that government spending is increased from its initial level to $150. Holding everything else constant, what will be the change in the equilibrium level of output given this spending..
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