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1. The price elasticity of demand for personal computers is estimated to be -2.2. If the price of personal computers declines by 20 percent, what will be the expected percentage increase in the quantity of computers sold?
2. If the marginal revenue from a product is $15 and the price elasticity of demand is -1.2, what is the price of the product?
Graph the relative demand curve along with the relative supply curve.
Profits University produces student credit hours(y) with two inputs:Professors' hours of work(P) and TA's hours of work(T) according to the production function:f(P,T)=10P^(1/2)*T^(1/4). Both inputs are variable. Suppose professors are paid $80 per..
Consider a person who can work up to 80 hours each week at a pretax wage of $20 per hour but faces a constant 20 percent payroll tax. Under these conditions, the worker maximizes her utility by choosing to work 50 hours each week.
If the company's effective tax rate was 36%, determine the difference in taxes paid in year 2 if the depreciation method had been straight line instead of MACRS.
What role does consumer utility maximization play in a general equilibrium analysis? What is the role played by firm cost minimization in a general equilibrium analysis?
Each head of broccoli costs $2 and each bag of peas costs $1. George has a budget of $20 to spend on broccoli and peas. But George is allergic to broccoli and would never buy it no matter how cheap it was or how much money he had.
Do you think these costs should be included in GDP?
What are the principal reasons for the relative stagnation of developing-country agriculture in Africa? How can this disappointing performance be improved on in the future? Explain your answer.
suppose a random experiment can be represented by 2 sets of events ai and bj with each pair of sub events a1 and a2 and
Suppose that two players are playing the following game. Player A can choose either Top or Bottom, and Player B can choose either Left or Right. The payoffs are given in the following table: Player B LEFT RIGHT
Initial estimates of the parameters for an investment are given below You wish to do multi parameter sensitivity analysis based on the sensitivities shown. AW is the preferred measure of worth. Parameter Initial Investment ..
If my income increases by 10%, then quantity of public transportation demanded drops by 5%. I can say that income elasticity of my demand for public transportation is negative and that public transportation is a normal good.
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