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The demand curve for seats at the Drive-in Delight Theatre is given by P = 48-0.2Q. The supply of seats is given by Q = 40.
(a) Plot the supply and demand curves to scale, and estimate the equilibrium price.
(b) At this equilibrium point, calculate the elasticities of demand and supply.
(c) The owner has additional space in his theatre, and is considering the installation of more seats. He then remembers from his days as an economics student that this addition might not necessarily increase his total revenue. If he hired you as a consultant, would you recommend to him that he install additional seats or that he take out some of the existing seats and install a popcorn concession instead?
(d) For this demand curve, over what range of prices is demand inelastic?
Suppose that you are a product manager in charge of planning production of three products in various countries around the world. The table below contains information on the income elasticity of the three products.
Within Japan, the market value of all the final goods and services produced by Americans is $50 billion, and the market value of all the final goods and services produced by Japanese is $100 billion. what is the GDP of Japan
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Abby consumes only apples. In year1, red apples cost $1 each, green apples cost $2 each, and Abby buys 10 red apples. In year 2, red apples cost $2, green apples cost $1, and Abby buys 10 green apples. a. Compute a consumer price index for apples f..
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College Financial Sources, which makes small loans to college students, offers to lend $500. The borrower is required to pay $40 at the end of each week for 16 weeks. Find the interest rate per week. What is the nominal interest rate per year.
A monopolist faces a demand curve given by Q = 70 P. The monopolist's marginal revenue function is given by MR = 70 2Q. a. If the monopolist can produce at constant average and marginal costs of AC = MC = 6
it also gives each economy's average annual growth rate over this period. for example, real GDP per persion in senegal was $1,776 in 1960 and actually declined to $1,571 by 2000. Senegal's average annual growth rate during this period was -0.31%
What is the equilibrium price and quantity in this market?
Explain stakeholder benefits and possible risks associated with both models.
Assume that demand for a commodity is represented by the equation P = 10 - 0.2 Q d, and supply by the equation P = 2 0.2 Qs where Qd and Q s are quantity demanded and quantity supplied, respectively, and P is the Price. Use the equilibrium conditi..
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