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When the price of a cruise rises from $19,500 to 20,500, the quantity demanded decreases from $2,100 to 1,900 travelers. Use this information to calculate the price elasticity of demand for cruises. The price of a cruise increased by-------percent. The quantity of cruises demanded decreased by---------percent. So the price elasticity of demand for cruises is --------percent. Please help me , show the work.
Touchie MacFeelie's production function is 0.1J1/2L3/4 where J is the number of old jokes used and L is the number of hours of cartoonist's labour. He is stuck with 900 old jokes for which he paid $6 each. If the wage rate for cartoonists is $5 per h..
When an excise tax is collected from sellers of a product with relatively inelastic demand, which of the following occurs?
A woman went to the Bene?cial Loan Company and borrowed $9000. She must pay $350 at the end of each month for the next 30 months. What is the monthly interest rate she is paying? What effective annual interest rate is she paying?
q1. consider the following market demand and supply curves.p9 .4 qsp30 - .3qdwhere p is the price per unit in dollars
A purely competitive firm finds that the market price for its product is $30.00. It has a fixed cost of $100.00 and a variable cost of $17.50 per unit for the first 50 units and then $37.50 per unit for all successive units. Does price equal or excee..
For each of the following, identify whether the statement is true, false or uncertain and justify your answer. a) If everyone has the same marginal rate of substitution, then the allocation is Pareto efficient. b) If a policy change increases social ..
Jason, a single taxpayer, earns $70,000 in taxable income and $7,500 in interest from an investment in Dallas county bonds. Using the U.S. tax rate schedule for 2015, how much federal tax will he owe? What is his average tax rate? What is his effecti..
q1. suppose you read in the newspaper that all last week the fed conducted open market acquires and also on tuesday of
Consider a contributions game with 2 players. Each player can either ‘Contribute’ or ‘Not.’ If either (or both) Contribute, a good is provided to both. The good is worth 2 jollies to each player. What is the mixed strategy Nash equilibrium in this ga..
Illustrate what is the minimum efficient scale for each technology. Illustrate what if it was more optimistic about summer sales.
Which of the following would NOT produce an outward shift of the production possibilities curve?
Consider a Bertrand model, but where the firms have different costs. Specifically, suppose that firm 1 has a marginal cost of $0.90 per unit and firm 2 has a marginal cost of $1.00 per unit. Prices must be named in increments of $0.01.
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