Reference no: EM131003365
The supply of paintings by Leonardo Da Vinci, who painted the Mona Lisa and The Last Supper and died in 1519, is highly inelastic. Sketch a supply and demand diagram, paying attention to the appropriate elasticities, to illustrate that demand for these paintings will determine the price.
A city has built a bridge over a river, and it decides to charge a toll to everyone who crosses. For one year, the city charges a variety of different tolls and records information on how many drivers cross the bridge. The city thus gathers information about elasticity of demand. If the city wishes to raise as much revenue as possible from the tolls, will the city decide to charge a toll in the inelastic portion of the demand curve? If not, why not? Will the city decide to charge a toll in the unitary portion of the demand curve? If not, why not? Will the city decide to charge a toll in the elastic portion of the demand curve? If not, why not?
The federal government decides to require that automobile manufacturers install new anti-pollution equipment that costs $2,000 per car. Under what conditions can carmakers pass almost all of this cost along to car-buyers? Under what conditions can carmakers pass very little of this cost along to car-buyers? Sketch supply and demand diagrams to illustrate your answer.
Consumer demand for oil - including oil in the form of both gasoline and home heating oil-is fairly inelastic in the short run and more elastic in the long run. In the short run, will a shift in the supply of oil (say, caused by a disruption in Mideast production) affect price or quantity more? What about in the long run? Illustrate your answer with the appropriate diagrams.
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Determine the focal length of the telescope objective lens
: Jupiter subtends an angle of 1.67 x 10-4 rad when viewed by the unaided eye and 3.25 x 10-2 rad when viewed through an astronomical telescope that has a 0.035-m focal length eyepiece. Determine the focal length of the telescope's objective lens.
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Explain what is meant by attitude
: In your assessment, address the following: Explain what is meant by "attitude." How do people develop attitudes? Support your explanation with theory
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Market borrowing and lending rate-production function
: Given that the market borrowing and lending rate is 10%, and his expected production function is y2 = 220 * (the square root of Initinail Investment) What is the optimal amount Jerry should invest in his business in period 1? According to a), what is..
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Explain the self-perception theory
: Use these articles to complete the following: Explain the theory or concept you selected. Describe the purpose of the study. Describe the research methods used in each of the studies
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Manufacturers install new anti-pollution equipment
: The supply of paintings by Leonardo Da Vinci, who painted the Mona Lisa and The Last Supper and died in 1519, is highly inelastic. The federal government decides to require that automobile manufacturers install new anti-pollution equipment that costs..
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What does strategic organizational communication mean
: What does strategic organizational communication mean? What organizational structure did the company in the case study have? Centralized or decentralized? What are some of the components of the structure which make it more centralized or decentrali..
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What is the magnitude of the electric field
: What is the magnitude of the electric field at a point midway between a -7.4oC and a +6.6oC charge 9.6cm apart? What is the direction of the electric field?
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What role social media can play in the international system
: Discuss what role social media can play in the international system and how the major theories in I.R. (Realism, Liberalism, and Constructivism) would deal with social media.
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What is the present worth of the contract
: A small manufacturing company is considering purchasing a maintenance contract for its air conditioning systems. Since all of its systems are new, the company plans to begin the contract in year four and continue through year ten. What is the present..
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