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This problem consists of two separate problems using the price elasticity of demand concept.
Suppose that you know that the market demand curve for a product is given by the equation P = 100 – 2Q. Furthermore you know that initially 40 units are demanded in this market when it is in equilibrium. Then, some event causes the equilibrium to change so that only 35 units are demanded in this market. From this information you are asked to calculate the price elasticity of demand using the arc elasticity concept. Finally you are asked to identify whether demand is elastic, unit elastic, or inelastic when quantity changes from 40 units to 35 units.
Suppose you know that the price elasticity of demand for good X has a value of 2. Suppose that the price in the market is initially $10 and the quantity demanded is 100 units. If price in this market decreases by 10%, what will be the percentage change in the quantity demanded given the above information?
If there is a constitutional requirement to maintain a balanced budget, then during a recession when tax revenues are shrinking, the government will have to implement
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Students fascinated with your explanation and eager to learn more, ask about the shape of the demand and supply curve in each industry. Provide a demand and supply graph for each industry to explain. Label equilibrium price and quantity.
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a company has sales of $30 million. A million dollar advertising campaign increases sales $10 million to $40 million, but a two million-dollar campaign raises them $15 million to $45 million. Which of the following can U.S authorities NOT do to con..
A chemical production facility that is under construction is expected to be in full commercial operation one year from now. Once full operation, the facility will generate $85,000 cash profit daily over the plants service life of 8 years.
Briefly explain how this will affect money supply over time and how, even without any intervention on the part of the government or the central bank, the economy would self adjust over the following few years.
What are some explanations for the coordination failures that prevent workers and employers from reaching agreements?
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