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The inverse demand curve for product X is given by: PX = 25 - 0.005Q + 0.15PY, where PX represents price in dollars per unit, Q represents rate of sales in pounds per week, and PY represents selling price of another product Y in dollars per unit. The inverse supply curve of product X is given by: PX = 5 + 0.004Q.
a. Determine the equilibrium price and sales of X when PY = $10.
b. Explain whether X and Y are substitutes or complements and why.
The absolute value of Mars’ MRS at his current consumption bundle is strictly greater than 2. Mars has convex preferences. Which of the following statements is (are) true? Justify your answer graphically.
Suppose the required reserve ratio is 8% and that banks hold no excess reserves and the public does not change its currency holdings. If the Fed sells $5 million worth of securities, the amount of deposits in the banking system changes by $______ mil..
With the aid of supply and demand diagrams, explain how and why each of the following is likely to affect the price and quantity in the market for Compact Discs (CDs). A technical break-through reduces the cost of producing CDs.
Poornima and Valerie are considering contributing toward the creation of a botanical garden. Each can choose whether to contribute $300 to the botanical garden or to keep that $300 for a cell phone. Since a botanical garden is a public good, both Poo..
Imagine that 50-year-old men can be divided into two groups: those who have a family history of cancer and those who do not. For the purposes of this example, say that 20% of a group of 1,000 men have a familyhistory of cancer, If the insurance compa..
Review the definitions of Kantianism, Utilitarianism, Liberal Individualism, and Communitarianism. Describe a real-life example for each of them, from both personal and a career perspectives
q.an entrepreneur wants to undertake a project which generates future revenue of 34 or 9 and requires an initial cost
Explain briefly how a change to the following MS, MD, or P (ceteris paribus) would shift the LM function to the right. Include in your discussion whether the variable would have to increase or decrease to cause the rightward LM shift. Discuss which o..
Why does the government intervene in the economy? Should they and what would the impact be if they did not?
Steve Slacker is age 25, has an MBA degree, but is not working. Instead he is living at a major ski area, using the $2,000 per week he gets from his wealthy family. Construct a single income-leisure choice graph to show Steve’s situation before and a..
The American Baker’s Association reports that annual sales of bakery goods last year rose 15 percent, driven by a 50 percent increase in the demand for bran muffins. Most of the increase was attributed to a report that diets rich in bran help prevent..
Discuss the advantages and disadvantages of using divisional profits as the basics of incentive compensation for fivision managers compared to using company profits as the basis.
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