Reference no: EM13222650
1. Using the following table, compute the elasticities of demand and supply, conduct the Total Revenue Test, and indicate for each elasticity coefficient if it is Elastic, Inelastic, or in Unit Elasticity.
Total
Price Quantity Demanded Ed Quantity Supplied Es Rvenue
$5 45 77
4 50 73
3 56 68
2 61 61
1 67 57
2. Answer the questions below on the basis of the following total utility data for products L and M. Assume that the prices of L and M are $3 and $4 respectively and that the consumer's income is $18.
Hint: You base your purchase decision on marginal utility per dollar.
Units of L Total Utility of L Units of M Total Utility of M
1 9 1 16
2 15 2 28
3 18 3 36
4 20 4 40
5 21 5 42
a) How many units of the each of the two products will the consumer purchase?
b) What is the total utility realized from the optimum purchase?
c) If the price of M decreases to $3, would your decision on purchasing change? If so, how?
|
What are the network perspectives in innovative research
: What are the different network perspectives in innovative research? Why do authors differ in how they define innovation networks? How can networks influence actions of its members?
|
|
Explain a mole of hydrogen atoms contains
: A mole of hydrogen atoms contains 6.02 x 1023 atoms and occupies 22.4 L. How many hydrogen atoms are contained in 25.00 mL of this gas?
|
|
Explain the importance of mintzerg structural archetypes
: Explain the importance of Mintzerg's structural archetypes? How did these categories have implications for innovation management? How does Mintzberg's models provide information about which firms are likely to fail?
|
|
Describe the van der waals equation
: Use the van der Waals equation of state to plot the compressibility factor, Z, against P for methane at 180K and 250K. Hint: calculate Z as a function of V/n and P as a function of V/n, and then plot Z Vs. P.
|
|
What is the total utility realized from the optimum purchase
: a) How many units of the each of the two products will the consumer purchase b) What is the total utility realized from the optimum purchase c) If the price of M decreases to $3, would your decision on purchasing change
|
|
Explain the 4 ps of innovation
: Which one of the 4 Ps of innovation did the product go through in order to produce an innovative change? Is there any overlap with another one of the Ps? If so, which one? Explain.
|
|
How much principal and interest would the bank receive
: If your bank held 3% of the units issued by a unit trust and the mortgages in the trust repaid $15,000,000 in interest and $2,300,000 in principal in its first year, how much principal and interest would your bank receive that year
|
|
Why having a code of business ethics is not sufficient
: Explain why having a code of business ethics is not sufficient for ensuring ethical behavior in an organization. What other means are necessary to help ensure ethical behavior?
|
|
Explain mixture of petroleum ether-ethyl acetate
: Explain why the Rf values changed when the eluant was changed from 100% petroleum ether to a 95:5 mixture of petroleum ether-ethyl acetate.
|