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Many states offer drivers an opportunity to customize their license plates for the price of a small premium paid to each state; these plates are known as vanity plates. When vanity plates were originally introduced in Texas they could be acquired for a mere price of $20 over the cost of a normal license plate. By 2005 the price jumped to $50 at this price 154,000 Texans purchased vanity plates. Shortly after Texas increased prices of vanity plates to $150 and sales fell to on 56,000 plates. Faced with the sudden decline legislators dropped the price to $80 per vanity plate.Compute the arc price elasticity of demand between $50 and $150 assuming no other factors have changed, given the calculation why did they drop the price to $80? What other factors should be considered by legislators in future pricing decisions?
Suppose the own rice elasticity of demand for good X is -2, its income elasticity is 3, its advertising elasticity is 4, and the cross-price elasticity of demand between it and good Y is -6. Determine how much the consumption of this good will cha..
Assume that population is 100 in year 1 and 102 in year 2. What is the growth rate of real GDP per capita? (Instructions: Round your answer to two decimal places.) The growth rate of the economy's real GDP per capita = %
The cost of pollution (in billions of dollars) originating in the paper industry is Cp = 2P + P2. Where P is the quantity of pollutants emitted (in thousands of tons). The cost of pollution control (in billions of dollars) for this industry is Cc ..
Country A produces two goods, elephants and saddles. In the year 2006, the 100 units of elephants produced sold for $2,500 per unit and the 30 units of saddles produced sold for $200 per unit. In 2007, the 120 units of elephants produced sold for ..
What is the probability of getting two reds and one blue in any order? c) What is the probability of getting three reds, given that the first marble is red? d) What is the probability of getting three primary colors (blue or red) given that the first..
Wilpen Corporation, a price setting company, manufactures nearly 80% of all tennis balls purchased in the US. Wilpen estimates the US demand for its tennis balls by using the following linear specification:
Suppose it is known that 10% of people who play poker machines have a gambling problem. Suppose it is also known that 20% of the population play poker machines and 5% of the population have a gambling problem.
Plant B was constructed 2 months ago; it has a pollution abatement cost of 10c2. Assume that neither plant is initially engaging in pollution abatement. The per unit benefit to a unit of pollution abatement is constant at $1500. Unless told otherw..
Determine the proper equations to find PW of each machine. The cost of money is 10% per year. Machine X Machine Y Initial cost, $ -55,000 -46,000 Annual cost, $/year -10,000 -15,000
In a local market, the monthly price of internet access service decreases from $30 to $20, and the total quantity of monthly accounts across all internet access providers increases from 90,000 to 190,000.
Write the function for the indifference curve and graph it when U=10 and U = 20. b) Write the function for the budget constraint and graph it.c) What are the utility maximizing amounts of X1 and x2 given the budget constraint? d) Would your answer..
Assume Wilbur's utility function is U=(x1)*(x2)*(x3). Further assume that the law dictates that Wilbur consume two units of X1 for every unit of X2. Determine Wilbur's demand function for good 1. Explain, in words, all the steps in your deriv..
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