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Interpreting the elasticity values
For each of the following cases, calculate the arc price elasticity of demand, and state whether demand is elastic, inelastic, or unit elastic.
a. When the price of milk increases from $2.25 to $2.50 per gallon, the quantity demanded falls from 100 gallons to 90 gallons.b. When the price of paperback books falls from $7.00 to $6.50, the quantity demanded rises from 100 to 150.c. When the rent on apartments rises from $500 to $550, the quantity demanded decreases from 1,000 to 950.
You have the following information for your product:The price elasticity of demand is -2,0The income elasticity of demand is 1.5The cross-price elasticity of demand between your good and a related good is -3.5
What can you determine about consumer demand for your product from this information?
Compute the producer surplus from parts a and b. Are producers better or worse off as a result of international trade? Discuss why.
Assess the degree of difficulty associated with measuring marginal revenue product for each of the following occupations.
Determine the profit-maximizing quantity for a monopolist. You can ask the firm's to draw the firm's revenue and cost curves
Recently, a troubled bank borrowed $800 million from the Federal Reserve. Describe the impact this event had on the monetary base.
Suppose the marginal expense of hiring another worker is $150 and the marginal expense of hiring current workers for an extra hour is $10.
Classify the following utility functions as risk averse, risk neutral or risk seeking and draw the relevant diagrams
The Mor Tex Company assembles Garments by hand even though a textile machine exists that can assemble garments faster than a human.
Assume the new leadership in Congress decides to repeal some of the tax breaks granted to large businesses during the past several years.
What can you say about the relationship between marginal revenue and marginal cost for output rates below the profit-maximizing (or loss-minimizing) rate? For output rates above the profit- maximizing (or loss-minimizing) rate?
Each of the following headlines describes an event that will have an effect on desired aggregate expenditure
Calculate the expected level of demand in a typical market. Indicate the range within which actual demand is expected to fall with 95% confidence.
Describe (with appropriate figure) short run and the long run impact of immigration on native labour market when the immigrants and natives are complements.
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