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1. Suppose the demand function for jelly beans in Calgary is linear. Two years ago, the price of jelly beans was $4 per kilogram, and consumers purchased 100,000 kilograms of jelly beans. Last year the price was $6, and consumers purchased 50,000 kilograms of jelly beans. No other factors that might affect the demand for jelly beans changed. What was the elasticity of demand at last year's price of $6? At what price would the total expenditure on jelly beans have been largest?
2. Suppose the annual demand function for the Honda Accord is Qd = 430 - 10PA+ 10PC - 40PG, where PA and PC are the prices of the Accord and the Toyota Camry respectively (in thousands), and PG is the price of gasoline (per litre). What is the elasticity of demand of the Accord with respect to the price of a Camry when both cars sell for $20,000 and fuel costs $0.75 per litre? What is the elasticity with respect to the price of gasoline?
3. The demand for a product is Qd = A - BP, where P is its price and A and B are positive numbers. Suppose that when the price is $1 the amount demanded is 60 and the elasticity of demand is 21. What are the values of A and B? Find A and B if the elasticity of demand is 23.
Explain how the economy adjusts back to long-run equilibrium. When the economy has adjusted back to long-run equilibrium, how have the values of each on the following changed relative to what they were before the increase in exports:
Suppose that normal workers increase a rm's revenue by $6, while smart workers increase revenue by $A, where A > 6. Firms cannot tell smart workers from normal workers ex ante, but can observe a worker's educational level.
A certain machine expenses $25,000 to purchase and install. It has salvage values and operating costs as demonstrate in the table in the attached file. The salvage value of $20,000 listed at time 0 reflects the loss of installation costs at the time..
Compute the incremental gain Fluff Rite would earn by customizing its poppers and marketing directly to retailers.
Identify the marketplace structure of the electronics retail sales industry. Discuss possibility of short-run and long-run profits in that industry.
If you could identify which the group to that each consumer belong to explain how would you go about setting prices.
Explain how is their gain or loss determined. What is the maximum loss to a purchaser of a futures contract.
Which equation represents the relationship between GDP and the four major expenditure components?
A monopolist has a constant marginal and average cost of $10 and faces a demand curve of Q D = 1000 - 10P. Compute the monopolist's profit-maximizing quantity, price, and profit.
Explain carefully in terms of production theory why it might be that no amount of "cracking down" can increase worker productivity at CF&D. Provide an alternative to cracking down as a means of increasing the productivity of the sheet metal workers..
what is current investment according to the Classical economists? Suppose consumption falls by $500 billion what will happen to savings and investment according to the classical economists?
Explain how can rational thinking the above behaviors. How do your thoughts impact, if at all, your opinion of the theory.
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