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Suppose you observe that the (equilibrium) price of copper is $2.00 per pound and the (equilibrium) quantity sold is 20 million metric tons per year. From econometric studies, you know that the price elasticity of demand for copper is -0.25 and the price elasticity of supply is 1.20.
a. Find out the equation for the linear demand curve that fits this information.
b. Find out the equation for the linear supply curve which fits this information.
c. What would the new equilibrium price and quantity be if supply were to increase by 20% (a 20% increase in the quantity supplied at each and every price)?
Each customer purchases their smoothie at the store where the total cost, i.e. price of smoothie plus travel cost, is the lowest.
Is this analysis consistent with the proposition which money has real effects in the short run but is neutral in the long run.
Which method is more likely to be technically efficient. Illustrate what is the probability that she wins.
congress decides to reduce our dependence on foreign oil by imposing a $.50 tax on each gallon of gasoline at the pump. Elucidate briefly what kind of supply and demand elasticity for gasoline must be present in the U.S. market, in order for this..
GDP also consumption both rose by $8 billion in the second round, Illustrate what would have been the size of the multiplier.
Elucidate the relationship among scarcity, choice and opportunity cost in the context of managerial economics.
Imagine that last year, Jennifer earned $80,000 in salary, and consumed $50,000 in goods and $23,000 in services. How could we best categorize the remaining $7,000.
firm competing in a monopolistic competitive market. What conditions exist when economic profits are maximized.
Illustrate what mistakes did policymakers make that have kept developing nations from growing more quickly.
Explain how does the government decide to use one form of remedy rather than the other.
Describe at least three ways you could pay for your morning cup pf coffee. Illustrate what are the advantages also disadvantages of each.
The manager of the aerospace division of General Aeronautics has estimated the price it can charge for providing satellite launch services to commercial firms.
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