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Current average daily sales of hats are 60. The current price is $9.24 per hat. A store manager notices that a rival store is charging $8.50 per hat. Use the mid-point method to calculate the price elasticity of demand.
You're given the following demand and supply tables: a. Calculate market demand and market supply. P D1 D2 D3 DMarket $30 20 5 10 40 15 3 7 50 10 0 5 60 5 0 0 P S1 S2 S3 SMarket $30 0 4 11 40 0 8 17 50 10 12 18 60 10 15 20 b. Draw the market demand a..
A firm employs 8 units of the variable resource. at this level of employment, average product is 2, and average variable cost is $4. Explain how much output is the frim producing.
Illustrate what price should firm charge to realize targeted profit. Illustrate what would be its (cost-based) mark-up ratio.
Assume there are two players in an oligopoly, playing repeated Cournot competition (that is, they compete on quantity). The demand in each year is p= A-by. Each player has discount rate r. Find strategies that lead to a sub-game perfect equilibrium w..
M. Poirot wishes to sell a bond that has a face value of $1,000. The bond bears an interest rate of 11.45% with bond interest payable semi annually. Six years ago, $829 was paid for the bond. At least a 12% return (yield) on the investment is desired..
Explain the CPI and why it is important. How does the CPI differ from the PPP? Provide an example to support your answer
In the most recent recession of 2008 and 2009, the United States saw a declining GDP, rising unemployment, and, sometimes, deflation. What type of fiscal and monetary policy is appropriate to fight the recession? Analyze these using the Phillips curv..
In pre-Keynesian economics, it was generally believed that the demand for labor would equal the supply of labor such that unemployment would not be a serious problem. Demonstrate this argument both graphically and verbally.
The following events happens in order: 1. Fed bought $100M in bonds from Bank A 2. Bank A then use $40M to buy bonds from bank B, and lend out $60M to a person A 3. Bank B holds everything as excess reserves. Person A withdraw $5M. Calculate the chan..
One of the central questions that society must answer regarding medical care is: Should funding be increased? Should funding be tied to medical results? Should funding be reallocated away from end-of-life care and applied toward prevention and medica..
An industry demand curve faced by firms in a duopoly is P =69 - Q, where Q = Q1 + Q2. MC for each firm is 0 ( note: Marginal Revenue has twice the slope as the demand curve.) How many units should each firm produce? How much money will each firm make..
The _________________is an artificial unit by which utility is measured. The change in total utility due to a one-unit change in quantity consumed is called _____________________.What is the utility maximizing or optimization condition?
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