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The demand curve for ice cream in a small town has been stable for the past few years. In most months, when the equilibrium price is $3 per serving for the most popular ice cream, customers buy 300 servings per month. For one month the price of materials used to make ice cream increased, shifting the supply curve to the left. The equilibrium price in that month increased to $4, and customers bought only 200 portions in the month. With these data draw a graph of a linear demand curve for ice cream in the town.
Find price elasticity of demand for prices equal to $3 and $4. At what price would the demand be unitary elastic?
What is Gross Domestic Product, and why is it important for national economies?
Derive the average cost of producing 100,000, 200,000, 300,000, and 400,000 devices per year with plant A. (For outputs exceeding the capacity of a single plant, assume that more than one plant of this type is built.)
One of the lessons of economics is that "there is no such thing as a free lunch." That means that businesses, consumers and whole societies face tradeoffs whenever they make a decision. Explain a decision that you have made at work or concerning your..
Analyze the role health policy lobbyists for special interest groups play in promoting health policy agendas. What regulations do you believe should be implemented that do not currently exist in terms of controlling activities by these individuals
Suppose that the probability that a used bike is a lemon (low quality) is 'p' and the probability that a used bike is a plum (high quality) is '1-p'. If a buyer is willing to pay $H for a plum used bike and $L for a lemon used bike,
Would a series of bank runs in a country decrease the total quantity of M1 Wouldn't a bank run simply result in funds moving from a checking account to currency in circulation How could that movement of funds decrease the quantity of money
(b) Why is the firm's demand curve flatter than the total market demand curve in monopolistic competition (c) Suppose a monopolistically competitive firm is making a positive economic profit in the short run. What will happen to its demand curve i..
Suppose the marginal utility of good a is 4 times that of good b but the price of good a is 2 times that of good b, is this point consumer equilibrium?.
Suppose that the city of New York issues bonds to raise money to pay for a new tunnel linking New Jersey and Manhattan. An investor named Susan buys one of the bonds on the same day that the city of New
Suppose a consumer's income is used on two goods, X and Y. The consumer's income is $200 and the prices of X AND y are $10 and $5 respectively.
Consider a $500,000 initial investment, annual savings of $92,500 for a 10-year period, a salvage value of $50,000, and a 10 % MARR applies. Using a spider plot, examine how sensitive the annual worth for the investment is to errors in estimating t..
Suppose the company initially has market power and acts as a monopolist. How many pills will the company sell and what price will it charge consumers?
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