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The demand curve for product X is given by Qxd = 5000 - 5Px - .1Pz where Pz = 50
a. What is the own price elasticity of demand when Px = $100? Is demand elastic or inelastic at this price? What would happen to the firm's (total) revenue if it decided to charge a price below $100? (Would revenue rise or fall.)
b. What is the own price elasticity of demand when Px = $900? Is demand elastic or inelastic at this price? What would happen to the firm's (total) revenue if it decided to charge a price above $900? (Would revenue rise or fall.)
c. What is the cross-price elasticity of demand between good X and good Z when Px = $100? Are goods X and Z substitutes or complements?
calculate the V(gdp) using the velocity formula. All given is a LRAS graph with the following information derived from the graph Real GDP = 9 trillion and Price level = 3; Furthermore The AD line intercepts the x axis at 18 trillion and the y axis ..
Describe the fundamental difference between short-run analysis and long-run analysis of the cost structure of a firm and give at least two examples of industries that practice price discrimination, and describe their pricing practices.
What is the dollar value of the total surplus (producer surplus plus consumer surplus) when the allocatively efficient output Q1 level is being produced How large is the dollar value of the consumer surplus at that output Q1 level
Consider two possible designs for a product which are sold for $0.70 each. There are only two differences in the production of both designs: operation 1 and operation 2. The first product, A, requires 16 hours of operation 1 and 4.5 hours of opera..
An investment of 120,000 will produce an initial annual benefit of $29,000, but the benefits are expected to decline $3,000 per year making second year benefits $26,000, third year benefits $23,000, and so forth.
Suppose the demand for a product is given by P = 50 - Q. Also, the supply is given by P = 10 + 3Q. If a $12 per unit excise tax is levied on the buyers of a good, after the tax,what is the total quantity of the good sold.
The Acme chemical company paid $45000 for research equipment, which it believes will have zero salvage value at the end of its 5 year life. If the straight line (SL) method is used, what will be its value after 2 years
Consider the following sample of nine wait times measured in seconds at a drive through coffee shop. The population mean and standard deviation are 100 and 20 respectively. 125 95 66 116 99 91 102 51 110 a. What is the size of the sampling error i..
Calculate the standard error of estimate and the standard error of Coefficient Standard error of estimate = Standard error of Coefficient = 4. Make a prediction of Y when X = 64. Prediction y= 5. Calculate a 95% prediction interval when X = 64. Pre..
Examine and interpret information trends over the most recent 3-year period to evaluate the economy and Canada's current economic status.
Assume that you raise the price of a product you have in inventory from $600 to $1,000. After the price increase you notice that your sales of this product have gone from 300 per month to 100 per month. 1. Calculate the price elasticity of demand f..
Why is advertising prevalent in many oligopolies, especially when industry demand is inelastic Illustrate your answer by assuming that with advertising, a firm's demand curve has price elasticity of -1.5 and without advertising, it is -2. If MC is..
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