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If the price of good X decreases by 0.5% and the price elasticity of demand is 1.4, find the percentage change in quantity demanded and the percentage change in revenue. If you want to increase revenue should you increase or decrease the price in this case?
What three roles does money play in the economy? What is the di?erence between commodity money and fiat money? Please provide short answers.
Consider the quadratic utility function U(x) = x 2 . (a) (1 points) Sketch the shape of this function in a figure analogous to Figure 4.1. (b) (1 point) Does this function exhibit increasing or decreasing marginal utility? (c) (1 point) Is this shape..
What is the difference between second-degree price discrimination and third-degree price discrimination?
Assume a perfectly competitive market structure. Complete the diagram to show the profit maximizing price and quantity. Label each (use Insert textbox). Is the firm earning economic profits or losses? If so, what will occur over the long-term?
a. Calculate the probability that a known drug user will test positive.
Elucidate what happen to the prices of oranges and marginal product of orange pickers as a result of a freeze. Can you say what happens to the demand for oranges pickers. Why or why not.
Danny’s Delights is a wholesale bakery. Danny makes a variety of baked goods which he sells to restaurants and grocery stores. His best-selling item is a peanut butter cookie. The recipe calls for 1 cup of peanut butter, 1 cup of sugar and 1 egg. The..
Test the hypothesis that the population mean is less than 118 at 10% significance level.
The consumption function for a small nation is given by C = 9Y^2 + 25/10Y + 3 , where Y is the nation’s annual income and C is the nation’s annual consumption, both measured in billions of dollars. (What are the nation’s marginal propensities to cons..
What is Marty's variable cost and total cost when he produces 110 cups of yogurt? 200 cups? Calculate variable cost and total cost for every
Assume an open, mixed economy. Assume the MPC is .7. Assume a stimulus package of $100 billion has been approved by Congress and the money has been spent. In order to pay for those expenditures, Congress also approved a $100 billion increase in indiv..
[1] Assumptions: [2] The primary conclusion of the classical school is:
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