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Calculating elasticity: Draw a set of coordinate axes on a piece of graph paper. Label horizontal axixs from 0-50 units and vertical axis from $0- $20 per unit. Draw a demand curve that intersects the vertical axis at $10 and the horizontal axis at 40 units. Draw a supply curve that intersects the vertical axis at $4 and has a slope of 1. Make the following calculations for these curves, using the midpoint formula: A. What is the price elasticity of demand over the price range $5 to $7? B. What is the price elasticity of demand over the price range $1 to $3? C. What is the price elasticity of demand over the price range $10 to $15? D. What is the price elasticity of demand over the price range $15 to $17?
A small start-up company invested in a new plant with an initial cost of $10 million. Operating costs for the plant were $3 million per year for 7 years. There was a special one-time charge of $1 million in year 2 to correct unexpected equipment prob..
Which would have the most significant effect on the U.S. economy as measured by changes in real GDP?
Charlie has utility function U(x,y)=24x^1/2+y. If he maximizes her utility, what is the amount of good y that he consumes, when price of x is 4, price of y is 1, and income is 50 (in this case utility maximization is characterized by the tangency rul..
Besides specialization there are a number of other economic advantages to marriage. Provide a brief explanation of the following concepts and how they related to marriage:
The AFN equation produces more accurate forecasts than the forecasted financial statement method, especially if fixed assets are lumpy, economies of scale exist, or if excess capacity exists.
A survey of economists revealed that more than three-fourths of them agreed with a number of statements, including which of the following.
Under the cost minimization rule, when will a firm employ only human labor? Why does the cost minimization rule suggest that it is unlikely a firm actually would replace human labor entirely with robotic inputs?
Using the Mundell-Fleming diagram dealing with internal balance (IB) and external balance (EB), explain what is meant by effective policy instrument choice, being careful to identify clearly the critical elements of the diagram. Why is the EB curve p..
Skillet Industries has a debt–equity ratio of 1.5. Its WACC is 9 percent, and its cost of debt is 5.5 percent. The corporate tax rate is 35 percent. What is the company’s cost of equity capital? What is the company’s unlevered cost of equity capital?
Contingent valuation is used to estimate the a. perceived valuation or existence value of environmental goods. b. cost of the closest alternative program for achieving the public goal. c. value of economic losses in an environmental disaster. d. bene..
q1. derive step by step the steady state level of capital and output per worker for each one of the models below basic
China’s real GDP was 7,394 billion yuan in 2005 and 8,000 billion yuan in 2006. China’s population growth rate in 2006 was 0.5 percent. Calculate China’s economic growth rate and growth rate of real GDP per person in 2006.
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