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Laurel's individual demand for Harry Potter books is givenby Ql = 50 - 2P. There are N consumers in the market for Harry Potter books in
(a) What is the equation for the market demand for Harry Potter books if all consumers have the same equation for demand as Laurel?
(b) What is the price elasticity of the market demand for Harry Potter at P = 12.5? Compare it to Laurel's price elasticity of demand at the same price. Which is larger? Why?
Suppose the following table describes the marginal costs and marginal benefits of waste (garbage) reduction. What is the optimal amount of garbage What is the situation if no garbage is allowed to be produced Percentage of Waste Eliminated/Marginal..
Assuming that there is a dominant firm, whose marginal cost is constant at $6. Derive the residual demand curve that it faces. Calculate its profit-maximizing output and price and show just the Output number and Price per unit.
What is the difference between string and StringBuilder? What are the advantages and disadvantages of a StringBuilder, and when should you use a StringBuilder over a simple string?
At $300, a total of 10,000 ounces of output is profitable. Similarly, total production increases by 5000 ounces for each sucessive $100 increase in the price of gold. Describe the relevant relationship between the price of gold and the production ..
Some politicians have proposed changing the way social security benefits are taxed. One proposal would increase the amount of Social Security benefits included in gross income to 100 percent
the manager of a firm that receives revenues of 40000 per year from product x and 90000 per year from product y. the
Lars consumes only potatoes and herring. When the price of potatoes was 9 crowns per sack and the price of herring was 5 crowns per crock, he spent his entire income to buy 5 sacks of potatoes and 10 crocks of herring per month.
Explain the various terms in the AS curve. Elucidate why the price of oil enters negatively. Solve for the equilibrium value of real GDP and the price level.
If your firm raises prices on a product that has elastic demand, how will this affect revenue? Give three examples of products that have inelastic demand. Give three examples that have elastic demand.
Required help using economic theory and applying to real world situations and current events.
Consider a total cost function of TC = 0.5Q2 +10Q + 20 and the market demand equation Q = 70 - P. What is the profit-maximizing output and price for the perfect competition? Calculate its profit.
Supply-Side Economics) One supply-side measure introduced by the Reagan administration was a cut in income tax rates. Use and aggregate demand/aggregate supply diagram to show what effect was intended. What might happen if such a tax cut also shifted..
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