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Using the demand function
Q = 300 - 10P
Determine the equation of the total revenue (TR), average revenue (AR) and marginal revenue (MR).
Draw a graph of the UK labour market that shows the demand for labour, the supply of labour, and the real wage rate in 1973 and 2003. Draw a graph of the UK production function in 1973 and 2003. Make sure your graph shows potential GDP in both year..
Explain why Gross domestic product (GDP) is higher than Gross national product (GNP) in developing countries?
Discuss and estimate the price elasticity of demand for a good or service of your company, or a company of interest to you
The component sells for $20 each. Calibrated's current capacity is 10,000 units per week. For the last few months, however, the company has been receiving new orders at a rate of 14,000 units per week, and now has a substantial backlog. The com..
A newspaper has a monopoly on the local news market in a town. The market demand is given by P=1.70-Q/10,000. The marginal cost is constant and equal to 0.30. The fixed cost is 3,000. Variable cost is 0.30Q. Find the monopolist's profit-maximizing..
The demand for watermelons is highest during summer also lowest during winter. Yet watermelon prices are normally lower in summer than in winter.
Consider a seller who values a car at $9,500 and a buyer who values the same care at $10,000. What total surplus will result from a transaction between the two when the seller is faced with the follow sales tax rates: 0%, 2%, 4%, 6%, and 8%?
Consider two firms X and Y produce identically tasting cold drinks. In order to increase the demand for its cold drink, firm X increases its advertisement outlay. However the advertising doesn’t increase its demand in the long run. Explain why this m..
Suppose fertility motives in rural areas of developing countries. Assume that mortality among children remains constant, but incidence of that mortality shifted from early childhood to late childhood.
1. john has been in the habit of mowing willas lawn each week for 20.johns opportunity cost is 15 and willa would be
Say Tom buys a new house for $300,000 and takes a mortgage loan equal to the full amount at 7 percent interest rate. We will assume that the home's value will increase at the rate of inflation. If the expected rate of inflation is 4% the home is expe..
Compute the short-run equilibrium levels of output, consumption and investment. If the central bank raised the interest rate to 6%, compute the new level of output.
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