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A local restaurant charges its regular customers (who are not senior citizens) $15 for a dinner entrée and $10 for a lunch entrée. The estimated price elasticity of demand for regular customers is 2 at dinnertime.
What is the price elasticity of demand for regular customers at lunchtime?
Senior citizens qualify for a 10 percent discount at the restaurant for either lunch or dinner. If the restaurant is maximizing profits, what are the price elasticities of senior citizens at lunchtime and dinnertime, respectively?
Assume that the marginal cost of providing an entrée to a customer does not depend on the time of day or the age of the customer.
Calculate the price elasticity for each of the following combination of price and quantity supplied. In each case, determine whether supply is elastic, inelastic, perfectly inelastic, or unit elastic in each case. (a) Price falls from $2.25 to $1.75;..
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Define the wage premium as the ratio of skilled labor wage rate over unskilled labor wage rate,w1/w2. Suppose that z1=z2, What is the wage premium? Now suppose that z2 remains unchanged, but that z1 increases to a new value z1'=1.5z1. What is the ..
Suppose there are two kinds of people in society who are equally represented —those with 20% chance of developing diabetes next year, and those with 2% chance of developing diabetes next year. Individuals know their own risks but the insurers cannot ..
Calculate the percentage change in nominal gdp, real gdp and the gdp deflator in 2008 and 2009 from the preceding year. for each year identify the variable that does not change. explain in words why your answer make sense.
Suppose Lady Gaga spends all her money on make-up and clothing. When the price of makeup (Pm) is $10 and the price of clothing (Pc) is $20, Gaga’s optimal bundle is Qm(ake-up)= 4 and Qc(lothing)=3. On a graph show the substitution effect and the inco..
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Calculate the currency-to-deposit ratio (cr), and the money multiplier (m) given the above values. Calculate total required reserves (RR), total actual reserves (AR) and the monetary base (MB). Now assume the FED lowers the required reserve ratio to ..
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