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Problems 6–9 are based on the model of demand and supply for coffee as shown in Figure 3.10 "Changes in Demand and Supply". You can graph the initial demand and supply curves by using the following values, with all quantities in millions of pounds of coffee per month: Price Quantity demanded Quantity supplied $3 40 10 4 35 15 5 30 20 6 25 25 7 20 30 8 15 35 9 10 40 Suppose the quantity demanded rises by 20 million pounds of coffee per month at each price. Draw the initial demand and supply curves based on the values given in the table above. Then draw the new demand curve given by this change, and show the new equilibrium price and quantity. Suppose the quantity demanded falls, relative to the values given in the above table, by 20 million pounds per month at prices between $4 and $6 per pound; at prices between $7 and $9 per pound, the quantity demanded becomes zero. Draw the new demand curve and show the new equilibrium price and quantity.
The Pilot Pen Company has decided to use 15 test markets to examine the sensitivity of demand for its new product to various prices, as shown in the following table. Advertising effort was identical in each market. What is the price elasticity of dem..
Both the long-run aggregate supply curve and the short-run aggregate supply curve shift in response to changes in the availability of labor or capital or to changes in technology and productivity.
create a scatter chart to display thegame
Illustrate what is happening to the housing market in your area. Are you still seeing alot of forclosed homes?Can you describe the housing demand and supply factors.
In the following two cases, calculate the present value of the stream of costs and benefits first using a discount rate of i = .03. Current one-time cost of $40 and future benefits of $1 this year and another $1 per year forever (infinite time horizo..
Review the candidates’ tax proposals: Which tax plan(s) is/are proportional taxes? Which plans are the most progressive? Which plans have the same tax rate on income and capital gains? Discuss what principles underlie each plan?
q1. assume that the total cost of producing pizzas for the typical firm in a home town is given by cq 2q 2q2. thus
You are the owner of a local Honda dealership. Unlike other dealerships in the area, you take pride in your “No Haggle” sales policy. Last year, your dealership earned record profits of $1.7 million. In your market, you compete against two other deal..
During a recession, consumers may want to save more to provide themselves with a reserve to cushion possible job losses. Use the Keynesian cross model to describe the impact of an exogenous decrease in consumption (i.e. a decrease in current C not du..
Many people believe that Congress will eventually have to reduce Social Security benefits in order to reduce the budget deficit. Although most of the changes would not take place until later, assume for the purpose of this problem that Social Securit..
A student is buying a new car. The car’s price is $19,500, the sales tax is 8%, and the title, license, and registration is $650 to be paid in cash. Instead of buying the car now, the student has decided to save money in equal monthly amounts for 48 ..
Marko, Inc. is considering the purchase of ABC Co. Marko believes that ABC Co. can generate cash flows of $5,200, $10,200, and $16,400 over the next three years, respectively. After that time, they feel the business will be worthless. Marko has deter..
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