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Suppose the price of gasoline in July 2004 averaged $1.35 a gallon and 15 million gallons a day were sold. In October 2004, the price averaged $2.15 a gallon and 14 million gallons were sold. If the demand for gasoline did not shift between these two months, use the midpoint formula to calculate the price elasticity of demand. Indicate whether demand was elastic or inelastic.
Using the AS/AD model, discuss the likely impact of the following events with proper diagram(s): a) An increase in petrol price.
Charlie likes both apples and bananas. He consumes nothing else. Charlie consumes x1 bushels of apples per year and x2 bushels of bananas per year. What is the function of budget constraint for Charlie and the marginal utility for the apples and bana..
Imagine a community with only one insurance company that provides coverage to everyone in that community (a universal insurer). Currently, the payer does not pay anything for physician office visits. However, bowing to intense lobbying pressure, the ..
State whether each of the costs below is either sunk, opportunity, cash or book: Amount you paid for a piece of equipment last month: Value claimed for tax purposes on a depreciated soda filling machine:
The Talley Corporation had a taxable income of $500,000 from operations after all operating costs but before (1) interest charges of $70,000.
Mr Madoff is the CEO of a technology company. This company operates in a dynamic and rapidly changing external environment. All this change has exhausted Mr Mad
Why is it optimal for a firm to set a pricing structure that intentionally shut the low-type consumer out of the market?
You are a consumer of both red wine and white wine. The price of red wine is $20 and the price ofwhite wine is $10. Your marginal rate of substitution is 1.
Why would the short-run price elasticity be lower than the long-run price elasticity of demand for gas in this case? Is price gouging fair?
Consider an individual whose utility function is U = X0.5Y0.5. If the individual consumes 1 unit of X and 4 units of Y, then she will experience some level of utility. If the individual instead consumes 2 units of Y, how much of good X must she consu..
How much taxable income is generated by an investment with a $50,000 gross annual income subject to $20,000 in operating costs
What kind of problems might occur when an American multi-national corporation tries to expand its business operations to China.
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