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Suppose the demand curve for a product is given by Q = 10 - 2P + PS, where P is the price of the product and PSis the price of a substitute good. The price of the substitute good is $2.00.
a. Suppose P = $1.00. What is the price elasticity of demand? What is the cross-price elasticity of demand?
b. Suppose the price of the good, P, goes to $2.00. Now what is the price elasticity of demand? What is the cross-price elasticity of demand?
Illustrate what is the (true) value of the marginal product of each black worker. Discuss the employment decision made by firms for which d = 0.2 and d = 0.8 respectively.
Assume that the firms act independently as in the Cournot model i.e., each firm assumes that the other firm's output will not change.
Suppose the government intends the tax to reduce the consumption of some goods for example, cigarette or chewing gum. Illustrate what will determine the effectiveness of the tax in reducing consumption
Illustrate what factors do you use to determine whether to invest in the additional capital and labor.
Competitive free marketplaces maximize the utility of those who participate in them; they also maximize society's total utility.
When she hired a fourth worker, her total product increased but by only 1,000 bullfrogs. Yolanda pays $1,000 a week for equipment and $500 a week.
Write down a formula that describes the marginal product of labor in the short run as a function of the amount of labor used.
Elucidate however, was 3 percent in Finland also 1.8 percent in France. From this we can conclude that France's every capita GDP
Illustrate what is the fed funds rate in the banking system. Explain how the Fed manipulates this rate in order to achieve macroeconomic objectives.
Write down an expression for the profit GBC will make if it uses L units of labor at $1 an hour and sells the resulting output of cookies at $p a cookie.
Due to the global economic slowdown, we were benefiting from relatively low oil prices.
After a year you sell those shares at $10.75. The fund declared a dividend of $.40 and paid $1.65 in capital gains. Illustrate what was your yearly return.
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