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The ECON3305 company was considering a price increase and wished to determine the price elasticity of demand (arc elasticity of demand). An economist and a market researcher, Sandy and you, were hired to study demand. In a controlled experiment, it was determined that at 8 cents, 100 pencils were sold while at 10 cents, 60 pencils were sold, yielding an elasticity of 2.25. However, Sandy and you were industrial spies, employed by the EF Pencil Co. and sent to ECON3305 to cause as much trouble as possible. So Sandy and you decided to change the base for their elasticity figure, measuring price in terms of dollars instead of pennies (ie., $0.08 for 8 cents and $0.10 for 10 cents). How will this sabotage affect the results? Please show all your work and the formulas.
A monopoly market is characterized by the inverse demand curve P = 1,200 40Q and a constant marginal cost of $200. If the marginal cost of production rises to $400, what happens to the profit-maximizing price and output level?
Describe the effects of decrease in the population growth rate on the golden rule quantity of capital per worker and on the golden rule savings rate.
Assume the interest rate is 5% per year and a business expects to earn 50,000 dollars in profits at the end of each year forever. What is the value of the business?
Illustrate what is the unemployment rate. Karen sharpens knives in her spare time for extra income.
Your boss has chosen you to give a presentation to a number of foreign officials regarding the United States Federal Reserve System.
Studies indicate that the price elasticity of demand for cigarettes is about 0.4. if a pack of cigarettes currently costs $2 and the government wants to reduce smoking by 20%, by how much should it increase the price?
Over the past 30 years, health care expenditure in the U.S. grew at an average rate of 3.7% per year plus the rate of inflation, while expenditure on all other goods grew only 1% per year plus the rate of inflation. What seem to be the main reasons w..
If the returns of the risky portfolio are normally distributed, what is the probability of returns being less than 29%.
Assume consumer equilibrium (budget curve and indifference curves). Draw 3 separate scenarios: (1) the price of good x decreases; (2) the price of good y increases; and (3) the budget (income increases). In each scenario, explain the effect on the gr..
what rate of interest would she need to obtain her goal. Are cash payments that companies make to shareholders. Are cash payments that companies make to shareholders.
The university bookstores received 4 million euros from students in exchange for the books. Illustrate what is the total contribution to GDP from the above events.
Assume which an innovation reduces a industry's fixed costs also reduces cost from ATC to ATC. Before the innovation reduced the cost, the industry's maximum economic profit was
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