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1. Consider the following demand curve for apples. Price (in dollars),10,9,8,7,6,5,4 Quantity (in Bushels), 1,2,3,4,5,6,7 a) Find the price elasticity of demand between the prices $8 and $9. Is the demand curve elastic at this point? If so, why? If not, why not? What happens to revenue if the price falls from $10 to $9? Why? b) Repeat (a) when the prices are between $5 and $4.
2. Descriptive Exercise: Consider the following pairs of goods. Discuss which of them has a higher (in absolute value) elasticity and why. a) Oil in the short run versus oil in the long run. b) Food (as a whole product) versus vacations. c) Harry Potter novels versus other fantasy novels. d) Medicine versus chewing gum.
Illustrate what did society gain from having brand name chicken. Illustrate what did society lose.
Gomez runs a small pottery firm. He hires one helper at $18,000 per year, pays annual rent of $8,000 for his shop, and spends $24,000 per year on materials. He has $40,000 of his own funds invested in equipment (pottery wheels, kilns, and so forth) t..
When students graduate from college, they leave the classroom and begin looking for a job. For each of the labor market statistics, determine if the unemployment rate and the employment population ratio increases/decreases/does not change. Suppose t..
Illustrate want the government to impose a price ceiling on pump gas.
Answer the following questions for the single priced monopolist sketched above if the demand curve shown above is P = 21 - .5Q and the marginal cost curve is MC = .5Q. Fixed costs are 20. What is the single price monopolist’s profit? What is the dead..
The wage in Mexico is $5. The wage in the U.S. is $20. Given current employment, the marginal product of the last worker in Mexico is 100, and the marginal product of the last worker in the U.S. is 500.
The Chief Financial Officer, Mr. Smith told him it was impractical because it would require the issue of common stock at a cost of 16 percent to finance the purchase. Is the company following a logical approach to using cost of capital?
The same basic economic argument justifies the following policies: (i) speed limits in residential areas and (ii) a ban on smoking in public areas. Is this true or false? Defining relevant economic terms, explain your answer.
Per capita income in County A is $45,000. Per capita income in County B is $38,000. Physician visits average 3.4 per year in County A and 3.2 per year in County B. What is the arc income elasticity of demand for visit?
Discuss the organizational structure of your selected organization, then compare and contrast it with two different organizational structures.
What were the two tenets or beliefs of mercantilism that the classical economists found to be objectionable? What was the role of money in the mercantilist thinking and what was the role of money in the classical viewpoint?
Explain how did the early classical economists view the relation between productions also consumption.
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