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Q1. Jerry drives up to a gas station. Before looking at the price, he places an order and says, "I'd like $10 of gas." What is Jerry's price elasticity of demand (in absolute value)? 0.5,1 Or infinity? The answer would be zero if he did not care for the cost, but since he is limited by $10, what is the answer?
Q2. Consider a college town where the initial price of apartments is $400 and the initial quantity is 1000 apartments the price elasticity of demand for apartments is 1.0 and the price of elasticity of supply is of apartment is 0.50 use the demand and supply curve to show the initial equilibrium point a?
Given the demand and cost conditions, what price, output and profits result in the short run? What will happen as the firm moves from the short to the long run
Suppose that there is a unit mass of consumers who are uniformly distributed on the segment[0,1]. Two firms are located on the line and sell identical products.
The market demand and supply function for VCR movie rentals are: QD= 10 - 0.04p and QS 3.8P = 4. Calculate the equilibrium quantity and price.
If Frank's salary as a sales manager was $70,000 instead of $100,000 would your answer be different.
A major Statistics Canada household survey, the Survey of Labour and Income Dynamics or SLID, the latest of which is referred to as SLID 2009.
Board of directors has directed you to choose an output level that maximizes the firm's profit. You have an incentive to maximize profits because your job and salary depend on the profit performance of this company.
One of the three ADM executives was actually an informant who tipped off the Feds about this conspiracy. Which executive was he. Why did he rat out his co-workers.
Illustrate the way in which market forces shape the organizational responses using a range of examples.
The number of taxicabs in Motorville and the taxicab fares are regulated. The fare currently charged is $5 a ride. Motorville taxicab drivers want to obtain government's permission.
Suppose the firms compete in quantities. If firm 1 deviates from collusion in one period, what is the profit of firm 1 in that period in subsequent periods.
Select the most serious disadvantage of globalization (in your opinion) and make at least one recommendation
Calculate Max's marginal utility from snorkeling at each number of hours per day. Does Max's marginal utility from snorkeling obey the principle of diminishing marginal utility.
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