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Suppose that corn currently costs $4.00 per bushel and that wheat currently costs $3.00 per bushel. Also assume that the price elasticity of corn is 0.35, while the price elasticity of wheat is 0.40. For the following questions about elasticities, simply use the percentage changes that are provided rather than attempting to calculate those percentage changes yourself using the midpoint formula.Instructions: In parts a and b, round your answers to 2 decimal places. In part c, round your answers to 1 decimal place.a. If the price of corn fell by 25 percent to $3.00 per bushel, by what percentage would the quantity demanded of corn increase?percent.What if the price of corn fell by 50 percent to $2.00 per bushel?percent.b. To what value would the price of wheat have to fall to induce consumers to increase their purchases of wheat by 5 percent?$ per bushel.c. If the government imposes a per-bushel tax on corn of $0.40 so that the price of corn rises by 10 percent to $4.40 per bushel, by what percentage would the quantity demanded of corn decrease?percent.If the initial quantity demanded is 10 billion bushels per year, by how many bushels would the quantity demanded decrease in response to this tax?million bushels.
Consider the marginal cost for a product like Microsoft Window 7. How does the marginal cost for a product like this differ from a product like automobiles? What relevance might there be to this difference?
Mutual funds: Provide another source for borrowers to take out a home mortgage. Provide another source for borrowers to take out a home mortgage.
Assume the firm can produce 5000 units of out put by combining its fixed capital with 100 units of labor and 450 units of raw materials. What are the total cost and average total cost of producing 5000 units of output?
Why are these two concepts so imortant in urban planning? Explain what Woodrow Wilson (1887) meant when he claimed that politics and administration should be considered to exist separately from each other. How do the concepts of interconnectivenes..
In the competitive market, the market demand is Qd=48 - 5p and the market supply is Qs = 7P. The equilibrium price is4
Southwest Airlines is adding $100 million a year in new fees. Under new rules customers only get a partial refund for missed flights, prices are being raised for a third checked bag and for early boarding slots. The airline wants to increase rev..
Students will conduct an analysis of a recent article and provide their evaluation and outcome expectations in a written paper of 1500-2500 words that discusses:
According to the aggregate expenditure function, as the price level decreases, it is reasonable to expect that the automonos and induced expenditures increase, only the autonomous expenditures increase or else.
The demand for lumber, like that for carpenters, is a derived demand-derived from lumber demand in its many uses, particularly housing. When the demand for new housing increases, so does the demand for lumber. For example, as the U.S. economy reco..
Wages after inflation rise for most Americans by about 3% and for highly skilled workers by 7%. The stock market soars and home prices rise dramatically. If all other things are equal, what is the likely effect on the poverty rate
The firm's president concurs with the opinion of the executive vice-president and As the head of marketing you respond with a memo pointing out that the price elasticity of demand for the firm's product is about -0.5. Why is this fact relevant?
Other things being equal, a rise in a country's terms of trade increases its welfare. What would happen if we relax the ceteris paribus assumption, and allow for the law of demand to operate internationally.
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