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our firms have roughly equal shares of the market for farm-raised catfish. The price elasticity of demand for the market as a whole is estimated at -1.5.
a. If all firms raised their prices by 5 percent, by how much would total demand fall?
b. What is the price elasticity if a single firm raises its price (with other firms' prices unchanged? Hint: Use the expression for elasticity in equation 3.8b, EP = (dQ /dP)(P/Q), and note that the individual firm's output Q 1 is only one-quarter as large as total output Q.
c. Suppose that the quantity supplied by the four firms is forecast toincrease by 9 percent. Assuming that the demand curve for catfish is not expected to change, what is your forecast for the change in market price (i.e., what percentage price drop will be needed to absorb the increased supply)?
How would population growth effect the dynamically efficient allocation, given the model in the second period has a higher demand for the depletable resource. What effect would the addition of population growth have on the efficient allocation.
What is the future worth of each given series of payments?
question 1who wants to play the mahoney lottery? tickets cost 5 to play and you get to pick a number between 1 and 20.
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A Short Paper Assignment allows you, early in the course, to demonstrate your research skills to your instructor and to receive feedback that will benefit you when you write your research paper.
Assume that the cost of electricity from a natural gas plant is 5 cents per kilowatt-hour and that the cost of concentrating solar power (e.g., production from a plant like Ivanpah) is 13 cents per kilowatt-hour. Based on our discussion of the ex..
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1. advertising is an important aspect of monopolistic competition and oligopoly becausea. there are significant
we have learnt that cbacost and benefit analysis is not the only method to choose among different public policies.
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