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Assume that the equation for demand for bread at a small bakery is Qd = 60 - 10Pb + 3Y, where Qd is the quantity of bread demanded in loaves, Pb is the price of bread in dollars per loaf, and Y is the average income in the town in thousands of dollars. Assume also that the equation for supply of bread is Qs = 30 + 20Pb - 30 Pf, where Qs is the quantity supplied and Pf is the price of flour in dollars per pound. Assume finally that markets clear, so that Qd = Qs . a. If Y is 20 and Pf is $2, solve mathematically for equilibrium Q and Pb. b. If the average income in the town increases to 30, solve for the new equilibrium Q and Pb. Is this change in Q and Pb is due to a shift in the demand or supply schedule or due to a movement along the demand or supply schedule?
If the price elasticity of a good is less than 0 but greater than -1, the good is considered _____________ and the company should ____________ price to maximize total revenue.
Explain how the United States calculates unemployment and why many economist do not find this as a real economic indicator. How is unemployment calculated in other countries? Give two examples. What are your thoughts and ideas on this?
Assuming the velocity of money is constant, nominal money supply is growing at 12 percent a year and real incomes are growing at 4 percent a year: What is the inflation rate in this economy? What would happen to the inflation rate if real incomes wer..
How would you define competitive advantage? Why is it important in the athletic industry to differentiate your business from the competition from a marketing
Research monetary and fiscal policies that have affected healthcare industry. How have these policies affected employment rates for your chosen industry.
U space equals space ln space c space plus space left parenthesis 0.25 right parenthesis space ln space c apostrophe and the budget constraint: What is the optimal value of current consumption c*?
The money made when the equipment is sold in not included in the last year's cash flow. It is incorrect. The after-tax cash flow is wrong.
Assume that the required reserve rate is ten percent, banks want to hold excess reserves in an amount that equals three percent of deposits, and the public withdraws ten percent of every deposit in cash. An open market purchase of $1 million by th..
Given: Inflation rate in Macroland was 4.5% in 2009, -2.7% in 2010, and -1.8% in 2011. Determine whether each of the following statements is true or false: In the Solow model, population growth determines:
Discuss the importance of advertising in increasing sales for perfectly competitive firms, monopolies, oligopolies, and firms with monopolistic competition.
Opportunity cost is a key concept in Economics. The textbook defines the opportunity cost as the best alternative that must be given up to obtain some item. Suppose you are a music fan. Lucky enough, you won a free ticket to see a local rock-band con..
Strategy and Planning for Local Economic Development. Choice of key primary Strategy - Human Resource Development, Business Development, or Community Economic Development. Integration of your primary strategy with other development strategies.
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