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A demand curve is given by the following equation: P = -2Q + 40. i) Calculate the Total Revenue when Q = 5 and when Q = 8. ii) Calculate the price elasticity of demand between Q = 5 and Q = 8. Round decimal answers to two places. Explain why the relation between the numbers in (i) and (ii) makes sense
The following is the demand function for a company that makes caps featuring names of college and professional teams in a variety of sports. Q=2,000-100P Where Q is cap sales and P is price. a.) How many caps could be sold at $12 each
1. Use these combinations for parts a and b: COMBINATION BASKETS POUNDS OF FOOD PREFERENCE A 1 1 9 B 1 2 6 C 1 3 3 D 2 1 8 E 2 2 5 F 2 3 2 G 3 1 7 H 3 2 4 I 3 3 1 a. If more is preferred to less, which combinations are clearly preferred to other co..
How can I set this question up as an equation Each week, Tom Wu buys two hamburgers at $2 each, eight cokes at $0.50 each, and eight slices of Pizza at $1 each, but he buys no hot-dogs at $1.50 each. What can you deduce about Tom's marginal utilit..
Suppose that the Fed raises the reserve requirement on transactions deposits to 0.18 = 18%. What happens to Princeton Bank's balance sheet Does it have excess reserves, or is it short of reserves? Calculate the new M1 and M2 multipliers. What happ..
The firm believes that AVC varies with the level of output and wages. Alan Anderson, the economist in the research department of the firm, collects monthly data on output (the number of diskettes produced), average variable costs, and wage rates p..
A monopolist has two types of customers. There are 100 of Type A, who will each pay up to $10 for a single unit of the good, and 50 of Type B, who will each pay up to either $8. Neither is willing to purchase additional units at any price. If it m..
a)What is the probability that two randomly (and independently) selected applicants will both score less than 450 in this test b) What is the probability that out of two randomly (and independently) selected applicants, at least one will score less..
Full-employment level of real output is $250 and the initially the price level is 100. Use the short-run aggregate supply schedules above to answer the questions that follow a)What will be the level of real output in the short run if the price leve..
suppose you are estimating a simple linear regression model. (a) If you multiply all the x values by 20, but not the y values, what happens to the parameter values beta1 and beta2 what happens to the least squares estimates b1 and b
A $90,000 investment is made. Over a 5 year period, a return of $30,000 occures at the end of the first year. Each successive year yields a return that is 10 percent less than the previous year's return. If money is worth 5 percent.
Compute the equivalent annual inflation rate, based on the US Consumer Price Index, for the period 1981 (when CPI was 90.9) to 1986 (when CPI was 109.6) estimate the Consumer Price Index in 1996, working from the 1987 CPI.
Macromedia is a relatively new company that offers computer training seminars on a variety of topics. In the seminars each student works at a personal computer, practicing the activity that the instructor is presenting. To introduce themselves to ..
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