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(1) Calculate the price elasticity of demand for the following demand functions: (a) Q = 5 - ln(P) for P=8 (b) Q = 2000 - 0.5P3 for P=15 (c) Q = (12-P)^2 for P=10 (d) P= 2/Q for P=1 (2) Advertising: Assume a firm's advertising elasticity is known to be 0.8. The firm's demand function is given by Q=100 - 2P. The firm charges a price of P=$3.50 for its product. Calculate the profit maximizing level of advertising per sale. (3) How does the "rule of thumb" for the profit maximizing advertising per sale level change if MC is equal to zero. Provide the new equation and explain!
Consider a production setting with two factors of production,one fixed in the short run.Show how isocost/isoquant analysis can be used to derive a short run average total cost curves.Label your diagramms carefully.
explain why you would expect supply curves to slope upward on the basis of the principle of increasing opportunity
oligopolies have a negative impact on income distribution. do you agree or disagree? provide justification for our
In reference to the 2008 Global Economic Crisis.
The only two consumers in an exchange economy, consumer A and consumer B, consume the only two goods, X and Y, in the economy. There are 20 units of X available and 20 units of Y.
Moral hazard and adverse selection are both examples of a) the principal-agent b)externalities in consumption c)efficiency in markets
What is the Relevant Market?
Critics have argued that if there are strong factor substitution effects, these subsidies could reduce employment in the state. Explain their argument. How does this affect the labor market
Inputs of labor Total Product Marginal Product
Johns goes to a football game and buys a ticket for $75. He has to take off two hours of work to go to the game. he earns $15/hr at work. His drive to the game requires $7 in gas. Given this information, John's opportunity cost of going to the game i..
The nation of Ectenia has 20 competitive apple orchards, which sell apples at the world price of $2. The following equations describe the production function and the marginal product of labor in each orchard:
Inside the corporation there are ...... systems that motivate individuals and teams to make the most efficient decisions over product lines.A job in sales - such as a sales representative for an agricultural chemical company usually represents
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