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Price Elasticity of Demand and Demand Curves
Two drivers --- Tom and Jerry --- each drives up to a gas station. Before looking at the price, each places an order. Tom says, "I'd like 10 gallons of gas." Jerry says, "I'd like $10 of gas."
- What is Tom's price elasticity of demand and what does his demand curve look like (either verbally explain the shape of the demand curve or give an equation for the demand curve)?
- What is Jerry's price elasticity of demand and what does his demand curve look like (either verbally explain the shape of the demand curve or give an equation for the demand curve)?
Why might the existing firms in a cartelized industry prefer to be regulated by the government? What is the problem with common property resources?
A monopolist has a constant marginal and average cost of $10 and faces a demand curve of Q D = 1000 - 10P. Compute the monopolist's profit-maximizing quantity, price, and profit.
Explain when we look at the macro economy the similar terms are known as Aggregate Demand
Why would a nation such as the United States, which can presumably produce everything it needs itself, choose to trade with other nations?
Suppose a product sold in a competitive market is subject to a government price control. Suppose the regulated price is less than the free market equilibrium price.
How might there be increase in total spending on a child's education in response to providing a fixed level of education?
Find out the range of outputs over which the firm's technology exhibits Increasing, Decreasing or Constant Returns to Scale.
Determine, how the following will affect the slope of the output demand curve, and explain your results:
Illustrate the difference among dollarization, a currency board, and a fixed exchange rate regime. Do you know of any countries that have recently adopted dollarization.
Compute real GDP for 2004 and 2005 using 2004 prices. By what percent did real GDP grow? Compute the value of the price index for GDP for 2005 by using 2004 as the base year. By what percent did prices increase?
Compute the income elasticity of demand for product below, by using average values for quantities and incomes.
Firms supply. Credit Check, Inc., offers credit checking services to credit card companies and retailers. What is the minimum price necessary for the firm to supply one thousand credit checks?
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