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A hot dog vendor faces a daily demand curve of Q=1800-4p, where P is the price of a hot dog and Q is the number of hot dogs purchased each day.
If the vendor has been selling 300 hot dogs each day, how much revenue has he been collecting?
What is the price elasticity of demand for hot dogs?
The vendor decides that he wants to generate more revenue. Should he raise or lower the price of his hot dogs?
At what price would he achieve maximum total revenue?
Which of the following jobs is the least likely to be filled by an economics major?
q. demand can be predicted with experimental data cross-section data or time-series data. in this case cross-section
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The data-plotting tool will automatically connect the points with a line.
The Nova Scotia government provides a rebate of the Provincial portion of the HST on home-heating fuel (oil, gas, electric) at point of sale. On grounds of equity and efficiency, evaluate this policy.
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