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When the price of ham is $7 per pound, John buys 3 fish per week. When the price of ham rises to $13 per pound, John buys 7 fish per week. Find the cross-price elasticity of demand for fish for John.
All costs are given in thousands of dollars and negligible salvage values are assumed at the end of a 50-year life. Using a social interest rate of 8% in the Benefit/Cost analysis, determine which project(s) should be selected if the alternatives ..
Supposed that firms only variable input is labor when 50 workers are used, the average product of labor is 50, and marginal product of the 50th workers is 75. The wage rate is $80, and the total worker is 75. Wage rate is $80
Manke a graph showing the relationship between two variables, X and Y . Determine whether the relationship is negative or positive
A small country can import a good at a world price of 10 per unit. The domestic supply curve of the good is S = 50 + 5P. The domestic demand curve is D = 400 - 10P. In addition, each unit of production yields a marginal social benefit of 10. a. C..
The price elasticity of demand for imported whiskey is estimated to be -0.20 over a wide interval of prices. The federal goverment decides to raise the import tariff on foreing whiskey, causing its price to raise by 20%.
Find the firm's marginal production function exhibit diminishing marginal returns to labor? explain b. Capital is r=$5 per unit and that labor costs w=$20 per unit. What is the cost of producing q=100 units of K and 100 units of L? c. What is the m..
The ticket cost Dave $600. To attend the concert Tim will have to take 3 days off from work where his daily compensation is $250. In addition Tim expects travel expenses to be $175 and the cost of a hotel for 2 days to be $275. What is the economi..
The Zenvox TV Company faces a demand function for its products that can be expressed as Q = 4,000 - P + 0.5i, where Q is the number of tv's, P is the price per tv, and i is the average monthly income. Average monthly income is currently equal to $..
Jim's Car Rental has fixed costs of $220,000 per month and variable costs per car rented per day of $3. If Jim's charges $25 per day to rent a car, how many car-rental days (the number of cars rented times the number of days each is rented) must J..
Suppose Money Supply is growing at a rate of 7% per year and RGDP is growing at a rate of 3% per year. What is the inflation rate assuming the velocity of money is constant?What will be the inflation rate is the velocity of money is increasing 2% pe..
Jim deposits $3,000 in a savings account that pays 6% interest compounded monthly. Three years later he deposits $4,000. Two years after the 4,000 deposit, he makes a final deposit of $6,000. Four years after the $6,000 deposit.
Given the following Demand and Supply functions answer questions a thru d. Qd=120-2P+5I Qs=-10+4P-3W where P=$3 is the price of the good. I=$100 per capital consumer income W= $50 wage rate a. Derive the demand and supply curves (qd and qs).
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