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Lorena likes to play golf. The number of times per year that she playsdepends on both the price of playing a round of golf as well as Lorena'sincome and the cost of other types of entertainment-in particular, howmuch it costs to go see a movie instead of playing golf. The two demandschedules in the table below show how many rounds of golf per yearLorena will demand at each price under two different scenarios. Inscenario D1, Lorena's income is$50,000 per year and the movies cost $9each. In scenario D2, Lorena's income is $70,000 and the price of moviesrises to $11 each. 3 Quantity demanded PRICE ($)D1D2501510352515a) Using the data under D1 and D2, calculate the cross elasticity ofLorena's demand for golf at all two prices. Are movies and golfsubstitutes, complements or independent goods?
b) Using the data under D1 and D2, calculate the income elasticity ofLorena's demand for golf at all two prices. Is golf an inferior good?
A chemical production facility that is under construction is expected to be in full commercial operation one year from now. Once full operation, the facility will generate $85,000 cash profit daily over the plants service life of 8 years.
Briefly describe the relationship between the three rates.
You inherit a package of call options on a stock currently selling for fifty three dollar. In a year, the stock could sell for anywhere between $40 and $80.
assume that the companys is considering a merger. the possible merger currently faces some threats and that the
The government has imposed a tax on gasolone. What is the amound of the tax per gallon of gasoline How much tax revenue will government collect from this tax How much of the tax is paid by consumers
If the price of the imported TV sets was $300.00 in the US.At the beginning of the year, how much would you expect the price of the same imported TV to be in the US at the end of the year.
1 good reason why quantity demanded increases when its price falls is that the: a. lower price shifts the supply curve to the left b. lower price shifts the demand curve to the left c. lower price shifts the demand curve to the right d. lower price e..
At the beginning of the year for 40 years, you deposit $1000 into your retirement account. The account has 5% interest rate. You want to start taking out yearly uniform withdraws one year after you make your last deposit. You are hoping to do this fo..
Plain Paper Co. is a paper manufacturer and retailer in a perfectly competitive market. Initially, Plain Paper Co. is a large firm operating at a profit. Draw the initial operating condition for Plain Paper Co. Label the area of profit, draw and mark..
For tax depreciation the SL method with n = 10 years was used, but for book depreciation, Boyditch applied the DDB method with n = 7 years and neglected the salvage estimate. The company sold the assets today for $12,500. Compare this amount with ..
Using the information in data set one, which I have included in the table below, recalculate total cost, fixed cost, variable cost, marginal cost, average total cost, average variable cost and average fixed costs if the price of the fixed input (t..
the u.s. government administers two programs that affect the market for cigarettes. media campaigns and labeling
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