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The demand for haddock has been estimated as log Q= a+b log P+c log I+ d log P^m where Q= Quantity, P= price per pound, I = measure of personal income
p^m is price index of meet and poultry
IF b= -2.174, c= 0.461, and d= 1.909
Determine the price, income and cross priceelasticity of demand.. How would you characterize the demand for haddock? Suppose disposable income is expected to increase by 5% next year assuming all other factors remain constant, forecast the percentage change in quantity for haddock next year
Assume you own the remodeling company. You're currently earning short-run profits. The home remodeling industry is an increasing cost industry. In the long run, what do you expect will happen to:
The Federal Reserve is most likely the most independent government agency in the US. Independence means that Fed is free from presidential and congressional political pressures.
Briefly describe the major categories of expected benefits and expected costs from undertaking the project and explain how and where the value of human lives saved or lost might enter this analysis, and explain whether all of these effects are addr..
The marginal and average cost curves of taxis in metropolis are constant at $.20/mile. The demand curve for taxi trips in metropolis is given by P = 1 - .00001q, where P is the fare, in dollars per mile, and Q is measured in miles per year.
Explain which bridges you would choose to attempt to use. (Assume you can put one foot on a bridge to see if it collapses before you attempt to cross.)
Describe the difference between a diminishing marginal product of labor and a negative marginal product of labor. Why would a profit-maximizing firm always choose to operate where the marginal product of labor is decreasing (but not negative)?
Would the accumulation of historical prices and quantities exchanged in the market establish a long-run supply curve? How would the historical relationship differ from how firms (and economists) envision today's long-run supply in the industry?
About the topic of national debt, it just likes we lent money from our offspring. Most of us think the debt is bad.
A firm has a cost function given by the following: Find the firm's production function, y= f(x1, x2).
Do you agree that the only way to raise equilibrium quantity is to raise supply and demand together? Why agree or why not agree?
Explain the output and price effects which affect the profit-maximizing decision faced by the firm in oligopoly market. How does this differ from output and price effects in monopoly market?
Demand and supply situations in perfectly competitive market for unskilled labor are as follows, Estimate the industry equilibrium price or output combination both graphically and algebraically.
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