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Suppose demand for HP printers is estimated to be Q = 1000 - 5p + 10pX - 2pZ + 0.1Y. Ifp = 80, pX = 50, pZ = 150, and Y = 20,000;
a) What is the price elasticity of demand for HP printers?
b) What is the cross-price elasticity with respect to commodity X? Give an example of what commodity X might be.
c) What is the cross-price elasticity with respect to commodity Z? Give an example of what commodity Z might be.
d) What is the income elasticity of demand for HP printers?. Is this good normal or inferior?
Now.suppose the monopolist has a total cost curve given by TC+16+4Q2(fixed costs are at original level but variable costs changed). Find the monopolist's profit-maximizing quantity and price.How much economic profit does the monopolist earn d)Inte..
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You can afford a monthly payment of $300 for 2 years only. You want to buy a car that costs $9000. Find the down payment that you have to pay to complete this transaction, if the financial charge (interest) is 9% per year.
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Compute the opportunity cost in forgone tanks for each additional truck produced: Truck output 0 1 2 3 4 5 Tank output 5 4.5 3.8 3.0 2.0 ..
what unemployment rates would we expect to see in this economy?b. Consider another economy in which the unemployment rate over the next three years is 6%, 7%, and then 4%. According to Okun's Law, what are the levels of short run output (Y tilde) ..
Suppose an economy's real GDP is $50,000 in year 1 and $55,000 in year 2. What is the growth rate of its GDP Assume that population was 100 in year 1 and 105 in year 2. What is the growth rate in GDP per capita
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Pizza costs $4 a slice and cigarettes cost $10 a pack. Evan currently uses his daily income to purchase 10 slices of pizza and 2 packs of cigarettes a day. How do I determine the daily income and budget set and as far as graphing goes
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