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In Problems 42-44, use the price demand equation to find the values of p for which demand is elastic and the values for which demand is inelastic. Assume that price and demand are both positive.
A multiplicative demand function form: Qd= a*P^b1*Y^b2*Po^b3 is determine using cross sectional data and 224 observations. The regression results were given below:
On January 1 2011: C/D = 0.2 T/D = 1.8 ER/D = 0.3 MB = USD. 12000000 Required reserve ratio on checkable deposits = 0.10 Required reserve ratio on time deposits = 0.07 These ratios have been defined in class and are assumed constant.
Save U More, a grocery in Iowa, purchased 2000 lbs. apples from an Iowan farmer at $0.4 per pound. The grocery store sold 1500 lbs. of the apples as fresh apples at $0.9 per lb., used the rest (500 lbs.) to make 200 gallons of apple cider, and sol..
the industry demand function for bulk plastics is represented by the following equation: P=800 - 20Q where Q represents millions of pounds of plastic. the total cost function for the industry, exclusive of a required return on invested capital, is..
The following information is derived from a sample of observations: ∑Yi = 1110, ∑Xi = 1680, ∑Yi2 = 133,300, ∑Xi2 = 315,400 and ∑XiYi - 204,200, Calculate SST, SSE, SSR and R2
The local Toyota dealer is offering special financing on its new hybrid cars.The cost of the car is $30,000.The financing is as follows: cost of the car=$30,000 3 years interest 1%=$900.00 (3(0.01)(30,000)) Total=$30,900Down payment=$3,000 36 end of..
Equation (7) in Section 20-5 tells us that inflation differentials, interest differentials, and depreciation rates are all approximately equal
Tennessee just instituted a state lottery. The initial jackpot is $100,000.00. If the first week yields no winners, the next weeks jackpot goes up, depending on the number of previously players who placed the $1.00 lottery bets.
(a) Consider a firm with the following production function. Q = 2*L*L + K*K. The price of capital (K) is $100 and the price of labor (L) is $50. The marginal product of labor is 4L and marginal product of capital is 2K.
In an attempt to increase revenues and profits, a firm is considering a 4 percent increase in price and an 11 percent increase in advertising. If the price elasticity of demands is -1.5 and the advertising is +0.6 would you expect an increase or d..
What is the annual compounding interest charged? Using the compounding annual interest rate from above, what is the nominal, period interest rate and corresponding effective interest rate if compounding is hourly? Assume 30 days per month.
Suppose the second equation is changed to I = 500. What is the new equilibrium level of income? How much does the $100 increase in investment change equilibrium GDP?
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