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Suppose that the demand for Cod Liver Oil (CLO) can be written QD =5000-2P (so, the inverse demand curve for CLO is P=2500-0.5QD), where P is the price per ton (in dollars) of CLO and QD is the quantity demanded (in tons) in a period.
a) Calculate price elasticity of demand (using the point elasticity formula) at the following amounts of CLO along this demand curve: QD=4000, QD =2500, QD =1000.
b) Calculate total revenue from sales in this market at QD =2500. Show your work please.
d) Assume that demand will decrease based on a parallel shift of the demand curve. Explain what will happen to elasticity at QD=2500 (will it increase or decrease and why?). What will happen to total revenue at this quantity (will it increase or decrease and why?). Will the maximum total revenue for the market be achieved at a greater or a smaller quantity than QD=2500?
Nicole earned a salary of $50,000 in 2015. She had losses of $12,000 in stock trades during the year. She will be able to deduct all of the losses from her income on her 2015 tax return. A corporation may deduct the interest it pays on its bonds as w..
Assuming that all of each firm's $16 fixed cost is sunk, what is a firm's short-run supply curve?. What is the short-run market supply curve? c. Determine the short-run equilibrium price and quantity in this industry.
In reference to supply and demand as well as demand and supply elasticity. What did you learn? Why is it important? How do the Economics concepts we just covered impact the economy, you and your family, your friends and your employer?
Suppose you purchase eight call contracts on Macron Technology stock. The strike price is $65, and the premium is $2.3. If, at expiration, the stock is selling for $71 per share, what are your call options worth? What is your net profit? (Omit the "$..
q.describe the following terms in your word.bull gross domestic product gdp bull real gdp bull nominal gdpbull
1) An advantage of the establishment survey over the household survey of the labor market is that the establishment survey
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In each of the following cases, in the short run, determine whether the events cause a shift of a curve or a movement along a curve. Determine which curve is involved and the direction of the change.
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