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Consider a hypothetical consumer, Richard, who spends all his income on two food items: pizzas and burritos:
a) If Richard spends 40% of his income on burritos and his income elasticity of demand for burritos is 2, what is his income elasticity of demand for pizzas?
b) Whenever the price of any of the goods increase, Richard gives a call to his rich uncle who immediately transfers funds to him so that Richard's utility remains constant. Assume the price of burritos increased by 20%, and even after Richard is compensated by his uncle, his demand for burritos declined by 20%. What is Richard's ordinary (Walrashian) price elasticity of demand for burritos?
Suppose that last year, the nominal exchange rate between the Japanese yen and the British pound was ¥225.0 per £1.0, one unit of Japanese output cost ¥2000, and one unit of British output cost £8.0. What was the real exchange rate between the U.K.
A tractor for over the road hauling is purchased for $ 90,000. It is expected to be of use to the company for 6 years, after which it will be salvaged for $ 4,000. Calculate the depreciation deduction and the unrecovered investment.
1. Suppose the inverse demand curve facing a firm is given by the linear equation P=64-8Q. What is the marginal revenue of the firm's 4th unit of output 2. Suppose the inverse demand curve facing a firm is given by the linear equation P=64-8Q.
You have purchased equipment costing $20,000. The equipment will be used for two years, and at the end of two years, its salvage value is expected to be $10,000. The equipment will be used 6,000 hours the first year and 8,000 hours the second year..
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A firm estimates that its total cost function is accurately estimated by the equation TC = 6,000 + 19Q - 5Q^2 + 0.5 Q^3 a. How much is MC at an output of 10 units b. At which output level AVC reaches its minimum
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The store found that 75% of all sales made to credit card users were for purchases of the new line of sportswear, while 30% of all sportswear sales were for the purchase of the outdated fashions. Records indicate that credit cads are used in 80% o..
Jonathan (a monopolist) maximizes profit by producing a quantity of 800 pillows where marginal cost is $2 and average cost is $4. Consumers are willing to pay as high as $10 per pillow when the quantity supplied is 800 pillows.
Explain each of primary methods used for setting value, describing its applications, strengths and weaknesses, show the formula and compute an example for each method.
A car dealer leases a small computer with software for $5000 per year. As an alternative he could buy the computer for $7000 and lease the software for $3500 per year. Anytime he would decide to switch to some other computer system
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