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The demand function for Good X is defined as Qx = 75 - 2Px - 1.5Py, where Py is the price of Good Y. Calculate the price elasticity of demand using the point formula for Px = 20 and Py = 10. Determine whether demand is elastic, inelastic, or unit elastic with respect to its own price and whether Good Y is a substitute or a complement with respect to Good X.
In the 1790 Thomas Malthus predicted mass starvation because he believed population would always grow faster than out ability to increase agricultural production. Explain his theory in terms of diminishing returns to labor in the short run.
School tries to discourage Twinkie consumption by raising the price to $.40, by how much will Matt's mother have to increase his lunch allowance to provide him.
What is the social optimum? What specific tax per unit of output of gunk results in the social optimum.
what would volume of output would the two alternative yield the same profit 3-if expected annual demand is 12000 units which alternative would tield the higher profit.
Suppose Firm X is a monopolist and is receiving positive economic profits. Illustrate what prevents other firms from directly competing away the profits.
illustrate what is the profit maximizing quantity that should be offered to Group B
The 1st way is simply to utilize the price of the product in the exporter's home marketplace as the fair marketplace value.
Explain how event causes the bond market to move from initial equilibrium, E1, to final equilibrium, E2. (3) What happens to bond prices and interest rates in going from E1 to E2?
The distribution of the weekly production is approximately normally distributed with a standard deviation of 60 units. If the bonus is paid on the upper 5 percent of production, the bonus will be paid on how many units or more.
Imagine that you were the president of an emerging country that is trying to reduce the number of its imports
who are well-known to be boring, stuffy types; what could be a better way to reinforce one's credentials as a radical, innovative thinker than to skewer their most beloved doctrine.
Show (with a graph) and explain the strike and resulting negotiations for an inclusive labor union in a monopsony situation. Also, show (with a graph) and explain how an exclusive union increases wages
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