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The total annual demand (in barrels) for a Modesto per county in the US has been estimated to relate to the average price of Budweiser (Pb), the average price of Coors (Pc) and Miller (Pm) beers , county population (Pop), and county per capita income (Income) in dollars per person, as follows:
QA = -60,000-500Pb + 300Pc + 600Pm+.05 +1.5 income
Consider a county where the average price for Budwieser (Pb) is $180, the average price of Coors (Pc) is $160, and for Miller (Pm), it is $155 (all prices in dollar per barrel). In this county, total population (Pop) is $100,000 and annual per capita income (Income) is $25,000. The annual quantity of Budweiser beer sold in this county (Qa) is 78,500 barrels. What is the cross-price elasticity of demand for Budwieser beer with respect to Coors beer?
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Bubba is a shrimp fisherman who can catch 4,000 pounds of shrimp per year. Bubba is considering hiring his cousin Bobby to work for him. Bobby can catch 3,000 pounds of shrimp per year. If Bubba hires Bobby, what will be the total output of his shrim..
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If for an instance that the economy is operating at $2,800 billion of GDP, how will the firm respond to it?
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