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1.Economics/Math Practice-Use the following demand schedule to draw a demand curve. Then find and label a combination of output and price that could result from: (a) an increase in the quantity demanded, (b) an increase in demand, and (c) a decrease in demand.Price Quantity Demanded$1.00 250$2.00 200$3.00 150$4.00 100$5.00 50
2. calculate the exact elasticity of demand in the following examples: Then tell if, in each case, demand is elastic, inelastic, or unitary elastic. (a) When the price of a deluxe car wash rises from $10.00 to $11.00, the number of daily customers falls from 60 to 48. (b) A dentist with 80 patients cuts his fee for a cleaning from $60.00 to $54.00 and attracts two new patients.
FORMULA: Elastic DemandIf demand is elastic, a small change in price leads to a relatively large change in the quantity demanded. Follow this demand curve from left to right.$ 4 - $3 x 100 = 25$410 - 20 x 100 = 10010100% = 4.025%The price decreases from $4 to $3, a decrease of 25 percent.Elasticity of demand is equal to 4.0. Elasticity is greater than 1, so demand is elastic. In this example, a small decrease in price cause a large increase in the quantity demanded.
Suppose that two players are playing the following game. Player A can choose either Top or Bottom, and Player B can choose either Left or Right. The payoffs are given in the following table: Player B LEFT RIGHT
What is the profit-maximizing number of sheep to own for the 10 farmers Q7. What is your optimal choice if the other 9 farmers choose to own 5 sheep Q8. What is your optimal choice if the other 9 farmers choose to own 6 sheep Q9. What is your opt..
Suppose a new manufacturing technology results in an expansion in the supply of electric batteries backup (EBB) in FL of 15%. If the elasticity of demand of EBB sold in FL is -0.4, What would be the new equilibrium price
Real gdp per capita Labor productivity What was the growth rate of the population between 2008 and 2009, round to the nearest percent ?
The coefficient of determination for a regression relationship defined through Y = a + bX is 81 percent.
Consider two goods, Gorillas (G) and Chimpanzees (C). Your utility function for gorillas and chimpanzees is given by U(G,C)=ln(G)+C. Gorillas cost $10 each, and Chimpanzees cost $4 each. You currently have $200 to spend.
suppose tht businesses buy a total of 100$ billion of the four resources(labor, land, capital and entreprenrial ability) from households. If households receive 60$ billion in wages, 10$ billion in rent and 20$ billion in interest
Newton exports all their products outside the city and Garfield only sells their products within the city. Newton experiences growth, so it hires 100 more workers, all of whom come to reside in city A.
Compute the equivalent annual inflation rate, based on the US Consumer Price Index, for the period 1981 (when CPI was 90.9) to 1986 (when CPI was 109.6) estimate the Consumer Price Index in 1996, working from the 1987 CPI.
Regis hungry for a snack. Here is the value he places on a cupcake: Value of first cupcake 5dollars Value of second cupcake 4dollars Value of third cupcake 3dollars Value of fourth cupcake 2dollars From this schedule, derive regi's demand schedule. G..
Maha claims that she could collect 10 oranges or can catch one fish per hour from pond besides their hometown in village while khadija claims that she could collect 2 oranges or 2 fish per 2 hours.what is the opportunity cost of catching fish for ..
Assume TC stands for Total Cost, TFC as Total Fixed Cost, TVC as Total Variable Cost, ATC as Average Total Cost, AFC as Average Fixed Cost, AVC as Average Variable Cost, and MC as Marginal Cost. Unit of Output TC TFC TVC ATC AFC AVC MC
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