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Suppose a linear demand function is estimated for good x as, Qd = 100 – 4*Px + 6*Py + M. where Px = $4, Py = $2, and M =10. M is the average income of consumers, measured in thousands of dollars. Suppose the end of the recession has increased the average income of consumers by $2000 (all other factors unchanged), how will this change affect the revenue of the business? A. It will increase revenue by $8. B. It will decrease revenue by $8. C. It will increase revenue by $16. D. It will decrease revenue by $16. E. It would not affect revenue.
q.throughout history the most popular form of money has been gold.a. provide 3 reasons why gold has been such a popular
If the utility function (U) between food (F) and clothing (C) can be represented as U = FC, the marginal rate of substitution of clothing for food equals? Please explain how to het MRS from utility function and formula?
The vast majority of us engage in bailments often, and usually we don't think about it too much. Now that you've looked at bailments, tell the class (in general terms... no need for names of people or companies) about a bailment you have been party t..
Fig. 17-2 in Froeb & McCann shows a decision tree for deciding whether to enter a new market. Because the expected value of entering ($1) was greater than the expected value of not entering ($0), the decision was to enter. Why might the decision make..
What is the unemployment rate among the 500 surveyed people? Consider the following price information: Year 1 Year 2 Cup of coffee $ .50 $1.00 Glass of milk $1.00 $2.00
Do you think the price elasticity of demand for Ford sport-utility vehicles (SUVs) will increase, decrease, or remain the same when each of the following events occurs? Explain your answer.
Suppose that C (q) = 10q + 3,500,000 (for which MC (q) = 10 ). Use Inverse Elasticity Pricing Rule in order to determine profit maximizing price and level of output for this firm. Is this firm able to earn a positive profit.
If marshmallows and graham crackers are complements in consumption, an increase in the price of marshmallows causes a(n)__ for graham crackers.
q1. compare the supply and demand conditions in both locations. how many people live in each place? what is the weather
Calculate the gini coefficient and the coefficient of variation for each of the following distributions. [Hint: It will save significant time if you make use of the inequality principles (population, relative income, etc.) to simplify where possible...
Global outsourcing has cost the U.S. economy far more than one million jobs since 2001, or somewhere between 15 and 35 percent of the total decline in employment since the onset of the 2001 recession. What will it likely do to lawyers' wages? How doe..
After that Dewey's opportunity cost of producing one bushel of corn is 1/2 yard of cloth.
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