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Question: Danny "Dimes" Donahue is a neighborhood's 9-year-old entrepreneur. His most recent venture is selling homemade brownies that he bakes himself. At a price of $2.5 each, he sells 250. At a price of $2 each, he sells 300.
Instructions: Round your answer to 1 decimal place.
a. What is the elasticity of demand? .
b. Is demand elastic or inelastic over this price range? (Click to select)ElasticInelastic.
c. If demand had the same elasticity for a price decline from $2 to $1.5 as it does for the decline from $2.5 to $2, would cutting the price from $2 to $1.5 increase or decrease Danny's total revenue? (Click to select)DecreaseIncrease.
The flat-screen plasma TVs are selling extremely well. The originators of this technology are earning higher profits. What theory of profit best reflects the performance of the plasma screen makers?
Use the data given in Table to find out the impact of cigarette smoking on bladder, kidney, and leukemia cancers. Specify the functional form you use.
You just overheard your friend say the following: "Poor countries like Malawi have no absolute advantages.
Consider a dairy that manufactures milk and a ice cream chain that turns that milk into ice cream. Explain how each of these parties could enter into a futures contract to hedge their risk of fluctuating milk prices.
Economics 5321 Fall 2016 Problem Set. Sometimes goods are rationed, so people cannot buy as much as they want at the announced price. What is the MRS at the new rationed equilibrium? Supposed that a black market opens up in good 1. How much would the..
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