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Your fruit stall has 100 ripe bananas that must be sold today. Your supply curve is therefore vertical. From past experience, you know that these 100 bananas will all be sold if the price is set at 40 cents per unit.
(a) Draw a supply and demand diagram illustrating the market equilibrium price and quantity.
(b) The demand elasticity is -0.5 at the equilibrium price. But you now discover that 10 of your bananas are rotten and cannot be sold. Draw the new supply curve and calculate the percentage price increase that will be associate with the new equilibrium, on the basis of your knowledge of the demand elasticity.
Using the regression results and other computations from Assignment 1, determine the market structure in which the low-calorie food company now operates.
b. What is the relationship between good X and Y (i.e. whether they are substitutes or complements) c. With the aid of a well-labeled diagram, show what happens to equilibrium price and quantity of good X, if the price of good Y increases.
A needed service can be bought for $550 per unit. The same service can be provided by equipment that costs $225,000, has a salvage value of $75,000 at the end of 10 years and costs $21,500 annually plus $35 per unit to operate.
Economists estimate that on weekends the demand for your product is much higher than on the weekdays (monday-wednesday). On weekends. the inverse demand curve for a typical customer is P= 10 - 0.001Q; on weekdays, it is P=5- 0.01Q.
Suppose that they have decided to accept a custom-style order that has sufficient volume to exceed break-even and have already set up for production. The customer now indicates that they are only willing to pay $31.99 per pair of shoes.
Suppose the government imposes a price ceiling of $50 on a market characterized by the following information:Qd = 700 - 2P Qs = 100 + 4P Calculate the magnitude of deadweight loss from the price ceiling.
Suppose the demand and supply schedules for rental apartment in the city of Gotham are given below Monthly Rent $2500 $2000 $1500 $1000 $500 Apartment Demanded 10,000 12,500 15,000 17,500 20,000
A firm has a production function Q=F(K,L) with the constant return to scale, where k is units of capital and L is unites of labour.Imput prices are r=$2 per unit of K and w=$1 per unit of L.When it produces 5 units of output,it uses 2 units of cap..
ABC groundworks maintains shopping mall parking lots under a long-term 10 year contract. ABC is charging a flat-rate of $20,000 for year 1 and then it increases by $ 1,000 per year through year 10. Determine the future worth at EOY 10 of the servic..
a. Calculate the average product of labor, APL and the marginal product of labor, MPL. b. If workers at the firm are paid a competitive wage of $100 and the product is sold for $200 each, what is optimal level of labor usage and what is the maximu..
Illustrate with example of demand for households refrigerator or television set.
How much profit or loss per haircut does the firm have
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