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The rent control agency of Rochester has found that aggregate demand is P = 500 - 5QD. Quantity, QD, is measured in thousands of apartments. Price, P, equals the monthly rental rate in dollars. The city's board of realtors acknowledges that this is a good demand esti- mate and has shown that supply can be expressed as P = 5QS.
a. If the agency and the board are right about demand and supply, respectively, what is the free-market price? How many apartments are rented?
b. If we assume an average of three persons per apartment, what is the expected change in city population if the agency sets a maximum average monthly rent of $100 and all those who cannot find an apartment leave the city?
Formulate the following situation as an extensive form game (using a game tree) and solve it using backward induction. What will Bingo choose to do in equilibrium, and what will Canal's response be?
Examine the residuals of your estimated equation to determine whether any of your countries is a regression residual. and present your data in a table showing the names of the variables. Make sure the full definitions.
Explain how the vision that you have developed can be used to guide and motivate product development teams. How will it inspire others team leaders and team members?
A reserve value is a minimum value set by the auctioneer. If no bidder is willing to pay the reserve price, the item is unsold at a profit of $0 for the auctioneer.
1.In what ways is a monopolistically competitive firm likely to be less efficient than one under perfect competition?
managerial economics and quantitative analysis question 1after two quarters of increasing levels of production the ceo
The Ski Pro Corporation, which produces and sells to wholesalers a highly successful line of water skis, has decided to diversify to stabilize sales throughout the year. The company is considering the production of cross-country skis.
What are the profit-maximizing price and output levels? Explain them and calculate algebraically for equilibrium P - How much economic profit do you expect that Robert's company will make in the first year?
Suppose a company employs 10 workers and pays each $15 per hour. Further assume that the MP of the 10th worker is five unit of output and that the price of output is $4.
Suppose you have a machine tool manufacturing company that produces one standardized type of tool. Your total costs change as demonstrate in the table below:
Let the production function be given through, Assume the plant size (K) is fixed in the short run at 100.
Define three types of elasticity of demand. Indicate how you would use information from recent research paid by your company that the own price elasticity of your product is -1.2 and not -0.8 as previously thought.
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