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The Olde Yogurt Factory has reduced the price of its popular Mmmm Sundae from $2.25 to $1.75. As a result, the firm's daily sales of these sundaes have increased from 1,500/day to 1,800/day. Compute the arc price elasticity of demand over this price and consumption quantity range.
Do these utility functions exhibit diminishing marginal utility of X Explain. For each utility function, calculate the marginal rate of substitution of good X for good Y (i.e. -marginal value of X, measured in units of good Y) associated with the bun..
Estimated market shares for the cellular phone manufacturing market are given in the table below. If Samsung were to merge with Sanyo, the four-firm concentration ratio would be Firm Market Share Nokia 36% Fujitsu 3% Kyocera 3%
It is well documented that carbon monoxide (CO) emissions from combustible engines increase in colder climates. This implies that damages are expected to be less severe in summer months than in winter. Nonetheless, air quality control authorities..
Cory Manciagli is planning to retire in 20 years. Money can be deposited at 6% compounded quarterly. What quarterly deposit must be made at the end of each quarter until Corey retires so that he can make a withdrawal of $40,000 semiannually over t..
Discuss the difference between real GDP and nominal GDP and does GDP accurately reflect our country's productivity?
a farmer buys a new tractor for $146,000 and assumes that it will have a trade-in value of $92,000 after 10 years. the farmer uses a constant rate of depreciation to determine the annual value of the tractor.
Policymaking is much easier when the stae of the economy is easily observable than when there is uncertainty about how the economy is doing, as this problem illustrates. Suppose that the economy is either in an expansion or a recession.
from this, equilibrium leads to 1100-5P = -100+P ⇒ P = 200 and Q = 100 Suppose the world price is still 120. Assume that the government now imposes an import quota of 300 units. Under the new quota,
Consider a committee that consists of three people, A, B, and C, that is to examine three proposals, x, y, and z. The committee can adopt at most one of the three proposals; it also has the option of adopting none.
The Texas Family Assistance Program (a social welfare program) offers cash transfers to low-income families. Suppose that the maximum transfer is $20 for households without income; for each dollar earned, the transfer is reduced by $0.50.
Which country has a comparative advantage in production of caps In wheat c. If the US and Russia were the only two countries engaging in trade, what adjustments would you predict, assuming exchange rates are freely determined by the laws of supply..
Assume that the market equilibrium rent for two-bedroom apartments in Santa Monica, California is $1500 per month and the quantity is 40,000 units. The city council of Santa Monica establishes a rent control of $1200 per month on two-bedroom apart..
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