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Question -
A. If the quantity demanded = 600 - 0.75 P, please show your work clearly in estimating the price elasticity of demand at a price of $220. Is demand elastic or inelastic at this price?
B. If the quantity demanded for product W is 190 units when the average weekly income is $880, and if the quantity demanded is 155 units when the average income is $1,000, please show your work clearly in calculating the income elasticity of demand, and classify this product based on its income elasticity of demand.
C. Assume that when the price of good S is $16 per unit, the quantity demanded of product M is 92 units per week, and if the price of S is $12 per unit, the quantity demanded of M is 130 units. Please show your work clearly in calculating the cross-price elasticity of demand between these two products. How would you classify good S and M based on your result?
Under current law, most Social Security recipients do not pay federal or state income taxes on their Social Security benefits. Suppose the government proposes to tax these benefits at the same rate as other types of income.
Describe two ways the government could eliminate the interaction of inflation with the tax system. Do expected real interest rates increase or decrease?
Consider a competitive firm with the following profit functionΠ = R-C = PQ-wL-rK,whereP = Price of the outputQ = OutputL = Labor inputK = Capital inputw = wage rate for labor inputr = rental rate for capital inputandQ(K,L) = 16K14 L14.
You just opened a flower shop and are trying to understand pricing issues. You were told that elasticities are very important in determining prices and what products to supply, so you decide to investigate this concept.
What are the main goods and services the United States traded internationally? What trade barriers were in place during that decade? What are two pros and two cons of the trade barriers used?
1. Differentiate the role that data redundancy and data independence play in the database management system concept. Is either of these concepts desirable for a database? Explain your decision for choosing the concept that is desirable.
Do liberals, realists, and historical materialists believe that the nationality of an MNC makes a difference? Do you think that the competitiveness of a country is closely tied with the competitiveness of its MNCs?
Illustrate the stated direction of recent monetary policy. What recent actions have the Federal Reserve taken to confirm that direction
Formualte the problem as a linear progarm and determine the weekly production schedule.
If China's economy maintains a 7% annual growth rate over thenext 20 years, about how large will its economy be in 20 years ifits current GDP is $12 trillion?
ted has preferences given by the utility function ukl k 2l where k pounds of kale per month and l pounds of lettuce
You are an assistant to a senator who chairs an ad hoc committee on reforming taxes on telecommunication services. Your best estimates indicate that, based on current tax rates, the monthly market demand for telecommunication services.
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