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Let the market demand for rye bread be given by Q = 500 + I - 250Prye + 400Pwheat, where Q is monthly demand in number of loaves, I is average monthly income in dollars, Prye is the price of a loaf of rye bread, and Pwheat is the price of a loaf of wheat bread. If I = $1,000, Prye = $2, and Pwheat = $3, calculate the following (based on 10% changes in denominators):
(a) the arc price elasticity of demand for rye bread
(b) the arc price elasticity of demand for wheat bread
(c) the arc cross-price elasticity of demand for rye bread
Evaluate the range of marginal revenues
The public tends to view trade deficits with alarm while macoreconomics claims that trade deficits can actually be usefull for the economy. Discuss the macroeconomists position on trade defilicts
Determine the profit-maximizing prices both firms will charge. In addition, calculate the price-cost margin for each firm and indicate which has more pricing power and why.
Answer the following questions as these general questions pertain to the specific issue selected.The questions that you will cover with respect to your choice of broad social issue in the paper are given.
If you can borrow (and lend) money at an interest rate of 8 percent, will the investment be a profitable undertaking? Is the project profitable at an interest rate of 12 per cent? Provide numerical calculations in support of your answers.
What is the profit-maximizing price-output combination and what are the levels of the profits and consumer surplus at that point? What is Dead-weight-loss?
An essay on Market imperfection associated with negative externalities.
What is opportunity cost? Explain with the help of an example, why assumption of constant opportunity cost is very unrealistic? Explain law of demand with the help of a demand schedule and demand curve.
The questions posed are broad and open ended so be careful to allow yourself enough research and planning time.
The supply curve for labor is S L = 100W, where W is the market wage. The marginal revenue product curve for the firm is D L = -50W + 450.
Discuss how a change in price affects total expenditure by filling in each cell with resulting change in total expenditure.
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