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Corn is presently $4.00 per bushel. If we reduce the price by 2.5%, to $3.90 per bushel, we observe that the quantity demanded increases by 1.5%. What is the price elasticity of demand for corn? Explain. (NOTE: Convert the percentages to decimals before computing to avoid confusion interpreting the answer, and express the answer as an absolute value, that is, as a positive number.)
Nicki lives in two periods and has a utility function u(c1, c2 ) = c1xc2, where c1 is her consumption in period 1, and c2 is her consumption in period 2. Nicki's income in period 1 (I1) is $400, and her income in period 2 (I2) is $220. She can borrow..
Only about 10% of viewers of public television (such as the Public Broadcasting Service (PBS) in the U.S.) make contributions to public television stations. Yet Congress approves budgets that subsidize public television. Why would the typical voter/t..
Why do government prefer to use the business cycle expansion models in their economies to increase the output of their residents
In the fall, Jay Thompson decided to live in a university dormitory. He signed a dorm contract under which he was obligated to pay the room rent for the full college year. What are the three alternatives available to Jay? Evaluate the cost for each o..
Price is measured in thousands of dollars. Ads cost $510,000 each. How many ads will the teams want to purchase as a group?
Which of the following would shift a supply curve in a perfectly competitive market for a good? Assume that the wholesale skim milk market is perfectly competitive. Suppose demand is described by P=5.10-0.80Q and supply is described by P=1.90+0.20Q. ..
Indicate the type of sales promotion that a producer might use in each of the following situations and briefly explain your reasons: (1) A firm has developed an improved razor blade, but customers are not motivated to buy it.
Explain the distinctions in political organization, social objectives, and economic enterprise among capitalism, socialism and the mixed economy
Suppose the parameters of the IS curve are a = 0, b= 3/4, r = 3% and the real interest rate is initially R = 3%. Explain what happens to short-run output in each of the following scenarios (consider each separately). Be sure to provide a numerical re..
Can someone please tell me about all the things to take care of while writing a paper for any topic. All the rules of writing a paper in correct way.
Why is P=MC when the companies make max profit? What are the relationships between AR, average revenue, and MR, marginal revenue?
The Hudson Corporation makes an investment of $44,400 that provides the following cash flow:
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