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Suppose the quantity of fish purchased by Mr Singh family is 21 kilos per year when the price is $11.50 per kilo and 17 kilos per year when the price is $20.50 per kilo. Calculate the price elasticity of demand coefficient for Mr. Singhs family.
In 2012, the price of corn was $8 a bushel. In 2014, a huge harvest caused the price to drop to about $4 a bushel because quantity demanded for the corn was less than the quantity supplied. If quantity demanded for corn is much less than quantity sup..
EC0100 - Summarize the different types of market structures and the role of government in economics.
q1. people sometimes talk about lsquotwin deficit where the twins are the current account and the government budget
A firm has $1.5 million in sales, a Lerner index of 0.57, and a marginal cost of $50, and competes against 800 other firms in its relevant market.
The city of Burlington is a very popular town for tourists to visit in the summer. We would expect:
A firm produces handbags using three workers. On Tuesday, Jane completed 60 bags in 6 hours, Ron completed 50 bags in 7 hours, and Mary completed 80 bags in 5 hours. What was overall productivity of firm.
When steady state capital per worker is above the golden-rule level, we know with certainty that an increase in the saving rate will
Sylvia lives in California and qualifies for the CalWorks program (California’s version of TANF). CalWorks participants can earn $225 per month without having their benefits reduced. Beyond $225, benefits are reduced by 50 cents for every dollar of e..
Describe what gross domestic product is and how it is measured. There are several transactions that are excluded from measuring GDP such as financial transactions, second-hand goods, etc.
Calculate firm 1's profit-maximizing output and profits in the absence of potential competition and calculate the output and profits of both firms in case firm 1 accommodates entry.
Now assume that the price of good x increases to 6. Find the new optimal consumption bundle and show it in a graph.
Suppose market demand and supply are given by Qd=100-2P and Qs=5+3p. If a price floor of $30 is set, what will be size of the resulting surplus?
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