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Assuming that the price of movie ticket decreases $8.00 to $6.00 and quantity demanded increases from 1000 to 3000 thousands
a. Use the mid-point formula to calculate the price elasticity of demand.
b. Calculate the change in total revenue.
Show that the imposition of a specific tax on a monopoly will reduce output more (and increase price more) than will the imposition of an ad valorem tax.
Jimmy deposits $4,000 now, $2,500 3 years from now, and $5,000 6 years from now. Interest is 5% for the first 3 years and 7% for the last 3 years. How much money will be in the fund at the end of 6 years? What is the present worth of the fund? What i..
A monopoly faces an inverse demand curve, p(y) = 100 - 2y, and has constant marginal costs of 20. What is its profit-maximizing level of output? What is the socially optimal price of this firm? What is the deadweight loss due to the monopolistic beha..
What is the impact of World Aggregate Supply (WAS) on the trade deficit and domestic employment? Referring to the Aggregate Supply and Aggregate Demand model (AS/AD) and the material in Chapter 11 what challenges does structural stagnation pose for m..
If a company's accounts payable is $42,041, retained earnings are $412,474, long-term debt is $391,227 and your accrued expenses are $5,966, what are the total current liabilities?
How does monopoly arise? How does a natural monopoly differ from a legal monopoly? Distinguish between a price-discriminating monopoly and a single-price monopoly.
A firm produces two products, X and Y. The production technology displays the following costs, where C(i,j) represents the cost of producing i units of X and j units of Y:
Describe both types of crowding out (when the gov't borrows, when the gov't spends) Why is it important to try to determine the size of the fiscal policy multiplier?
If net benefit is rising, then total benefit must be rising at a rate greater than the rate at which total cost is rising Why?
Consider a person who can work up to 80 hours each week at a pre-tax wage of $20 per hour but faces a constant 25% payroll tax. Under these conditions, the worker maximizes her utility by choosing to work 40 hours each week. On a single graph, draw ..
Suppose you are considering the purchase of an established business that has the expected profit stream noted below. If want a 20% return on you investment, what is the maximum amount you should pay for the property?
What are the predominant beliefs and values in the United States that have driven the development of the health care system? How have these beliefs and values played a part in the U.S. opposition to health care reform?
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