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Point price elasticity of demand, Optimal price
Optimal Price. Last month, Rick's Bike Shop, Inc. increased the price on the 24 ounce can of bearing grease by 1%. In response, sales dropped by 4%.
A. Calculate the point price elasticity of demand for bearing grease.B. Calculate the optimal price for bearing grease if marginal cost is $4.50 per unit.
What happens to his consumption of Y? Calculate the coefficient of price elasticity and of cross price elasticity. Also draw the demand curves for X and Y, noting the equilibrium points for this consumer before and after the price change in X.
Find out the range of outputs over which the firm's technology exhibits Increasing, Decreasing or Constant Returns to Scale.
Describe three (3) ways we can use macroeconomic analysis, with one (1) original example for each way. Using the real business cycle theory, explain two (2) effects of an adverse technological shock on the labor market and on the output market.
Explain how the distinction between expected and unexpected inflation is important to the distributional effects of inflation.
A firm has offices in London and New York. Fractional units of labor can be employed in each location (as part-timers can be hired) and the headquarters could be in either city.
Show how to find equilibrium in an RC model? What is the relationship between the marginal rate of substitution between leisure and labor and the marginal product of labor in the RC model.
You are the manager of a small U.S. firm that sells nails in a competitive U.S. market (the nails you sell are a standardized commodity; stores view your mails as identical to those available from hundreds of other firms).
List the four assumptions for the Monopolistic competition model. Now explain how the market will adjust in the long run and draw a corresponding graph for the representative firm in the long run. (Explain your answer.)
Describe various goods you either buy or sell at your workplace that are price elastic.
Calculate the effect of the following events on the monetary base:
Compute the marginal cost and marginal revenue of each unit of output and enter these figures in the table.
Describe the law of diminishing returns. Then discuss why you agree or disagree with following statements.
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