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Suppose that Omar’s marginal utility for cups of coffee is constant at 2.5 until per cup no matter how many cups he drinks. On the other hand, his marginal utility per doughnut is 10 for the first doughnut he eats, 9 for the second he eats, 8 for the third he eats, and so on (that is, declining by 1 until per additional doughnut). In addition, suppose that coffee costs $1 per cup, doughnuts cost $1 each, and Omar has a budget that he can spend only on doughnuts, coffee, or both. How big would that budget have to be before he would spend a dollar buying a first cup of coffee?
Instructions: Enter your answer as a whole number.
Suppose the Demand for baseballs is given by Q = 240 – 8P. What is the price elasticity of demand when P = 6? At what price will Total Revenue be maximized?
Why should a profit maximizing manager who is setting prices care about elasticity demand curve for a product. Elasticity only accounts for how price changes revenue.
An office building should last 60 years, but this owner will sell it at 20 years for 40% of its construction cost. For the first 20 years it can be leased as Class A space, which is all this owner operates. When the building is sold, the land’s cost ..
Price higher in monopoly market. Bigger quantity in perfect competition. How can a firm gain by reducing competition.
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ohn also Jeremy are utilitarian's. John believes to labor supply is highly elastic while Jeremy believes to labor supply is quite inelastic.
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The Teenager Company makes and sells skateboards at an average price of $70 each. During the past year, they sold 4,000 of these skateboards. The company believes that the price elasticity for this product is about -2.5. Which of the following would ..
Assume that b=1 and that initially the real interest rate is equal to the marginal product of capital at 4%. As well, assume that v=1/2 and that the inflation rate last period was 2%. If the housing bubble busting causes the share of output of invest..
It is unclear to a economic novice like me why OPEC is not cutting down production and raising oil prices. I have read several journalists commenting upon this on the internet but perhaps an economist can explain this current fact better.
A friend of yours just bought a new sports car with a $4,000 down payment, and her $25,000 car loan is financed at an interest rate of 0.25% per month for 48 months. After 2 years, the "Blue Book" value of her vehicle in the used-car marketplace is $..
Determine whether the following production function exhibits constant, increasing, or decreasing returns to scale
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