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Suppose that the price of gasoline at a particular station two months ago was $2.80 per gallon (keep it simple-assume one grade of gas). The past month, the price of gas was $3.10 per gallon. Assuming 20,100 gallons were sold two months ago and 20,000 gallons were sold last month, use the point formula to calculate the price elasticity of demand for gas at this station. Based solely on your calculations, is the demand for gasoline elastic or inelastic? If sales of Almond Joy bars at the same gas station's convenience store decreased over the same time frame, what relationship do gasoline and Almond Joy bars have? Do you have enough information to calculate the cross-price elasticity of demand for gas and Almond Joy bars? If so, make the calculation. If not, explain why not. Show all calculations.
What is the average fixed cost of producing 2 units of output based on the following table:
Oilman T. Boone Pickens has proposed a plan to build wind farms in the center of the United States to produce about 20 percent of the electricity consumed in the United States. This would replace that same percentage of electricity currently produced..
Aside from maximizing profits, assess the factors that managers must consider when making the decision to outsource or integrate forwards or backwards considering which factor would be most influential for decision-making.
Networks are subject to negative externalities. How might such externalities affect a network carrier’s decision to add another spoke city to its network? Describe. (You might wish to use marginal benefit/cost analysis)
If the Fed chooses the money supply at the same time as people are setting wages and prices, so that everyone has the same information about the state of the economy, then monetary policy cannot be used systematically to stabilize output.
Advertising can inform buyers, but sellers must incur costs to advertise. If so, advertising can result in higher prices to consumers. Does this mean advertising is economically inefficient If not, explain how it can simultaneously create value an..
Graph the typical consumer’s demand curve. Use your graph to figure out what price Philadelphia Electric should charge for the first 400 Kilowatts used. What should it charge for the next 400 Kilowatts? the next 400?
Assume the Fed decides to buy $1 billion in Treasury bonds from the public. Suppose that the reserve requirement is 10%. What takes place to the interest rate and money supply?
Because of the free-rider problem: the market demand for a public good is overstated. the market demand for a public good is nonexistent or understated. government has increasingly yielded to the private sector in producing public goods.
Derive the equation for the demand curve facing the airline during the winter month of January if P = $100, PC = 150, BAI = 200, and S+0 (Price should be expressed as a function of quantity.)
Survey the monetary policies adopted by the Federal Reserve Board since the countries financial crisis erupted in 2008. How will these policy steps affect the nation's employment, inflation, real interest rate and real exchange rate over the long ..
the abc company is a small manufacturing company operating in a highly competitive industry. you are employed by the
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