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You are the manager of a firm that receives revenues of $30,000 per year from product X and $70,000 per year from product Y. The own price elasticity of demand for product X is -2.5, and the cross-price elasticity of demand between product Y and X is 1.1. How much will your firm's total revenues (revenues from both products) changes if you increase the price of good X by 1 percent?
Consider the density Fx(x)= exp{-x} if x>_0, and 0 otherwise; Find: f(y) if Y = 2X+1, Find f(y) if Y = X^2, Find f(y) if Y = X, Find f(y) if Y = lnX
How much money will you choose to spend on fireworks, and how much on beer (Since more of everything is better, your budget constraint will hold with equality, or f + b = 50; one way to solve this, then, is to plug in 50 - f for b, and find the va..
Rubax, a United States producer of athletic shoes, estimates the following linear trend model for shoe sales:
Coal prices moved in sympathy with oil prices, with the result that coal companies earned pure economic profits. Since coal is a homogeneous good and the market is competitive, what happend in this market.
A company is considering replacing a painting machine purchased 9 years ago for $700,000. It has a market value today of $40,000. The unit costs $350,000 annually to operate and maintain. A new unit can be purchased for $800,000 and will have annu..
Where Q measures the number of units of the public good and P is the price in dollars. The marginal cost of providing the public good is $180. a) What is the economically efficient level of production (Q*) of the good? b) Illustrate your answer on ..
suppose in 2010, the cost of a market basket of goods was $2001. In 2012, the cost fo the same amrket basket of goods was $2,105. Calculate the price index for 2012, using the price index formula, asume 2010 is the base year________
Suppose that business travelers and vacationers have the following demand for airline tickets from New York to Boston: Price Quantity Demanded Quantity Demanded for business travelers for Vacationers 150 2,900 1,000 200 2,700 750 250 2,550 550 300 2,..
Knockoff Inc. produces what it regards as a low-quality digital camera. However, because the market is so new, reputations for quality have not yet developed, and consumers cannot tell the quality difference between an Ajax digital and a Knockoff ..
Q1 kilowatts are produced at facility 1, and Q2 kilowatts are produced at facility 2 (so Q = Q1 + Q2). The costs of producing electricity at each facility are given by C1(Q1) = 8,000 + 6Q12and C2(Q2) = 6,000 + 3Q22, respectively. Determine the pro..
how many bushels of apples should the farmer produce? If the government imposes a tax on the sellers which results in the sellers receiving $1 less per bushel sold, what amount of apples should the farmer choose to produce?
When disparities exist from census information, housing starts data and other research data when seeking for information to help with predicting the power tool market
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