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Question
Assume that the price of bananas rises from $0.50 to $1.00 per pound and the quantity demanded falls from 1000 pounds to 600 pounds.
a- What is the price elasticity of demand for bananas?
b- Is this elasticity elastic or inelastic?
c- If the price of bananas were to increase by 20 percent, what would be the percentage change in the quantity demanded?
d- What happens to total revenue for banana sellers when the price of bananas increases? Explain your answer.
Since price-takers cannot charge their own price, they can select a quantity which suits them best. Presumably, they would select the profit-maximizing quantity. Suppose the typical wheat farmer's cost function is TC = 100,000 + 2Q + 0.005Q2 , Q co..
Assume that the production and distribution technology for all the new rms is the same as SIT press i.e., each firm bear a cost of $2 for each copy. Identify the equilibrium price and compute the equilibrium quantity
Choose a product you have purchased in the past month from a clothing or shoe store. Describe how each of the 4 factors contributed to the elasticity of the good. Is the product considered elastic, inelastic, or unitary elastic
What curve shifted, and what factor shifted it
price:1.75, 2.00, 3.00, 4.50, 5.00, 5.50. quantity: 55, 110, 165. mc=5.00/165, 3.00/110, 1.75/55. atc=5.00/165, 5.50/55. avc=2.00/55. demand=1.75/55. mr=2.00/55. How many DVDs should be sold to rent per day to maximize profit
a. How much of each good will he demand b. A tax is placed on x so that x now costs Max $2 while his income and the price of y stay the same. How much of good x does he now demand. Would Max be as well off as he was before the tax.
Suppose we have a wholesaler firm that charges a retailer r for the retailer's only input. The marginal cost of the wholesaler is $2. It takes one unit of the input to produce one unit of the retailer's output and in addition to the price of the i..
Suppose there are 100 firms in the economy. Let us call them firm 1, firm 2, and firm 100. For firm j (j=1,2,100) the labor demand (or equivalently MPN) is Nj = 1 - 0.02w where w is the real wage. Note that labor demand function for the whole econ..
Consider a farm with 1500 acres total where 1000 acres are in wheat and 500 are in soybeans. Wheat yield is 90 bushels/acre, wheat price is $3/bushel, and total operating expenses per acre are $100. Soybean yields are 35 bushels/acre, soybean pric..
junstin.Ting Corporation wants to establish a scholarship in the company's name at a university. The firm wants the scholarship to provide a quarterly award of $4500. The university's scholarship foundation will invest the endowment in a fund that..
Assume that population is 100 in year 1 and 102 in year 2. What is the growth rate of real GDP per capita? (Instructions: Round your answer to two decimal places.) The growth rate of the economy's real GDP per capita = %
Draw a money market diagram and determine the shift of the money supply curve due to an open-market operation; determine if the equilibrium interest rate rises or falls. Also be able to determine what happens to investment spending and consumption..
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