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Suppose the daily demand for coffee in Seattle is Q^d=100,000(3-P)^2
A. What is the elasticity of demand (Ed) at a price of $2.(Please show exactly which equation is needed to find Ed here)
B. At what price would the total expenditure on coffee be largest? (Is this based on the Ed found in A?)
America takes 10 hours to make a cup and 5 hours to make a bag. In Britain the two goods cost $24 and 6 hours. America has 40 hours of labor available. Which goods does America export. Which country has the higher wage
Consider a static, Arrow-Debreu economy with N=2 states. Suppose that the market is complete and let P and 1-P be the price of the two Arrow-Debreu securities, b(1)=(1, 0), and b(2)=(0, 1), respectively.
The company recently bid on a Gulf-front causeway improvement in Biloxi, Mississippi.Nash Bridges has incurred bid development and job cost-out expenses of $25,000 prior to submission of the bid.
Firm M and N compete for a market and decide independently how much to advertise. Each can spend either $10 million or $20 million on advertising. If the firms spend equal amounts, they split the $120 million market equally.
A monopolist faces a demand curve given by: P=220-3Q, where P is the price of the good and Q is the quantity demanded. The marginal cost of production is constant and is equal to $40. There are no fixed costs of productions.
suppose you are asked to use the standard time trade-off approach to measuring quality of life and are given the following information. an individual is faced with living the remaining 10 years of her life suffering from severe osteoporosis.
measuring the price of gasoline in dollars, an economist calculates the price elasticity of demand to be .5. what would the price elasticity of demand be if the economist had choosen to measure the price of gasoline in pennies rather than dollars
a. What are the autarky price of shoes and the quantity produced b. What are the levels of domestic production, consumption, and imports if the world price is $10 c. How do your answers in part b change if this country were to impose a tariff of 3$
A local business in a small college town has a major portion of their business to college bookstore. On the side they also provide services to other local businesses. The local demand is Q=200-5P. The average and marginal cost is $8.
an electronic device is available that will reduce this years labor cost by 10000. the equipment is expected to last
If consumers view cappuccinos and lattés as substitutes, what would happen to the equilibrium price and quantity of lattés if the price of cappuccinos falls Both the equilibrium price and quantity would increase. Both the equilibrium price and qua..
You are the sales manager for an appliance store. You have a total of 100 sales people. 40 sales people sold $1000 or less and the rest sold over $1000. Of the 40 who sold $1000 or less, there is a 0.20 probability that the sales person was new.
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