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Studies indicate that the price elasticity of demand for beer is about 0.9. A government policy aimed at reducing beer consumption changed the price of a case of beer from $10 to $20. According to the midpoint method, the government policy should have reduced beer consumption by how much (in %)? (Show how you get the result. Only a number is not enough.)
Consider the problem described on Twitter of the babbling brook turned into a raging torrent by upstream development. Suppose there are 30 affected downstream homeowners with an aggregate Marginal Damage curve measured in thousands of dollars, as a f..
Use the midpoint method to compute your price elastcityof demand as the price of compact discs increases. Compute your income elasticity of demand as your income increases.
Leopold Bus Company runs daily service between Bigcity and Tinytown. It calculates that the average cost per trip (wages, gas, insurance, payments on loans, etc.) is $140. Leopold sells the bus tickets for $5 each. Will the sales of the standby ticke..
The market demand for another product you are considering selling is Q(p) = 100 ? ( 1 )p and as the 2. only producer of this product your production costs would be C(Q) = 40Q. Given these market characteristics, what is the Lerner Index equal to (as ..
Suppose the demand and supply curves for a good are given by: Find the equilibrium price and quantity. If the current price of the good is $100, what is the quantity demanded? What is the quantity supplied? How would you describe this situation? Equi..
Assume that the skateboard industry is monopolistically competitive. Assume that skateboard manufacturers are earning short-run economic profits. At the profit maximizing price you identified in part a, would the typical firm’s demand curve be price ..
Define the terms decision management and decision control. Under what situations might it be optimal to make one individual responsible for both decision management and decision control?
Suppose that there is an increase in the number of ATM machines in service. In the monetary intertemporal model, what are the current effects on aggregate output, employment, the nominal interest rate, and the price level? Please draw graphs and expl..
Should Roscoe's Rascals match the price offered by the competitor.
You are in a class with one other student. It is the end of the semester and final exams are in one week. Your teacher has said the final exam will be graded so that anyone who scores the class average on the final exam will receive a B in the class.
The Dominion Freight Company has invested $50,000 in a new sorting machine that is expected to produce a return of $7,500 per year for the next 10 years. At a 7% annual interest rate, is this investment worthwhile?
Elucidate why housing is expensive around campus and use the concept of implicit cost to justify students' hesitation to move away from campus.
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