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Question: Sales of cars declined by 15 percent in a recent recession. During this period the price of cars rose by 6 percent, average income fell by 4 percent and the price of petrol rose by 20 percent. It has been estimated that the PED for cars is -0.8 and THE YED is 1.25.
a. Estimate the effect of the decline in income on car sales?
b. Estimate the effect of the car price rise in sales.
c. Estimate the CED between petrol and cars; compare your estimate using simple elasticity and addictive effects with the estimate obtained using a power form of demand equation.
A large company must build a bridge to have access to land for expansion of its manufacturing plant. The bridge can be fabricated of normal steel.
Discuss the issues related to genetic diversity: mutations, sexual reproduction, migration, and population size.
The slope of the production function with capital per worker
Write a paper about the chapter The Triumph of Utilitarianism: The Economics of Jevons, Menger, and Walras. I need to write 13 pages about one chapter of my economic class.
do you feel that the interest rate that is set by the federal reserve is too low?provide an argument why interest rates
If U.S. real GDP per capita continues to grow at the rate of 2.8% per year, how many years will it take for real GDP per capita in the U.S. to double
Demand q=30-2/3pSupply q=2p-10Determine the equilibrium price and quantity in this market.
A firm operating in a competitive market has the following long run total cost function TC = Q3- 24Q2+ 200Q Find the long run equilibrium price for this good.
Suppose a perfectly competitive firm is producing 300 units of output, P = $10, ATC of 300th unit is $8, marginal cost of 300th unit = $10, and AVC of the 300th unit = $6. Based upon this information, the firm is:
determine the equilibrium price equilibrium output unit profit and total profit at the equilibrium point. also
a) Identify the nature of resource cost structure and the practical significance of different costs; b) Explain the factors influencing optimum size and the significance of demand and supply relationships;
Analyzing Visuals Study the production possibilities frontier in Figure. What does it mean when the frontier shifts outward? What possible causes exist.
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