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Cross Elasticity of Demand of Widgets
Both SmithCo and Jones Inc. sell widgets. SmithCo's sales last month equalled 1000 and it charged a price of $2. This month Jones Inc. reduced the price it sells its brand of widgets from $2.10 to $2, and SmithCo saw a reduction in the quantity of widgets is sold, down to 900 units. What is the cross elasticity of demand between the two brands of widgets?
Do NOT use any symbols in your answers other than a negative sign or a decimal point. If you use a negative sign, do not leave a space between a negative sign and the number.
Using the IS/LM/BP model, demonstrate the effect of each of the following changes. Assume that the economy is a small country with perfect capital mobility and a flexible exchange rate.
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A profit-maximizing monopolist never produces in the inelastic part of a linear demand curve. The short-run supply curve of a competitive firm is its MC curve.
A farm operator has asked you to help him/her determine the quantity of water that should be applied to a crop under irrigation.
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