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1. Suppose you are a discus hurler and your goal is to maximize the distance you achieve. You "produce" discus hurls by practicing. The total benefit of practice is distance achieved, and the input that achieves this distance is hours of practice. Describe the total benefit curve of practice. What point on the curve would you select?
Becky really likes Macaroni Grill but can only afford to eat out 4 times a year.So calculate for restaurants the income elasticity of demand?
why do economists pay little attention to the algebraic sign of the elasticity of demand for a good with respect to its
Normal 0 false false false EN-US X-NONE X-NONE Explain the multiplier intu..
Presume a firm’s demand curve is given by P = 50 - 0.25Q. Discover the (value of) price elasticity of demand for the demand curve when the price is $10. Is demand elastic or inelastic? Please show your work.
Your product fails about 2% of the time, on average. Some customers purchase the extended warranty you offer in which you will replace the product if it fails. Would you want to price the extended warranty at 2% of the product price?
Understanding of the elasticity of demand to dispute this claim, assuming that cigarettes have a very inelastic demand. Illustrate with a graph.
The government of Watertown requires that all residents of the city register their cars in the city. It has put a 1.21% city tax on that value of cars registered in the city. Watertown collects no other specific excise taxes, and all other government..
Examine the control cost estimates, and pro- vide a plausible explanation of why there are incremental costs differences across regions for meeting the PM standard.
Suppose the alternative, that the open market desk does nothing different, that is, they hold the amount of reserves constant. What happens in the reserve market? What is the market clearing fed funds rate now? Label this development, that is, ..
Consider the market for bicycles. The Total Cost function is given by TC = 100 + 10q + q2 and there are 20 firms. The demand function is given by P = 120 - q. However, there are significant externalities to the production of bicycles. The governme..
Discuss a situation you have been in where you felt you were passed over for a promotion, made to feel indifferent, or were discriminated against. Compare and contrast your story with Kate's.
If markets are perfectly competitive and production of a good results in water pollution, the imposition of a tax on the good will:
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