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Assume the demand function and the supply functions for 24-can beer case in Houston are: Demand: QD = 1,000 ? 50P Demand: QS = 40P + 100 (a) What are the market equilibrium price and quantity for beer case?
(b) What will happen if the Mayor sets a price ceiling at $12?
(c) What will happen if the Mayor sets a price ceiling at $8?
Suppose that population increases led to an increase in labor supply (a rightward shift) of 5 thousand professors. What are the equilibrium wage and employment level in this market Why is the increase in employment less than 5 thousand
Using the midpoints formula presented in the text, calculate the elasticity coefficient for each price level, starting with the coefficient for the $4 to $6 level. For each coefficient, indicate what type of elasticity is indicated, elastic demand..
Wishwell Tile Corporation uses the number of construction permits issued to help estimate demand. The company collected the following information on yearly sales and number of construction permits issued in its market area:
A company is considering purchasing a fleet of delivery vans which are available with either a diesel or gasoline fueled motor. The gasoline powered van has an initial price of $29,750, the diesel powered one costs $32,250. Both vehicles have a sa..
Utility function: U(x,y) = x^1/2 + y A) graph a typical indifference curve, choose a level of utility and draw various combinations B) write marginal utility of x and y C) give marginal rate of substitution
The widget Industry in Anytown is a monopoly, controlled by Widget Corp. Its demand curve for the local market is given by P = 800 - 20 W Where W represents the number of widgets sold per period. The total cost function (including opportunity or impl..
Assume that the LM curve for a small open economy with a fixed exchange rate is given by Y = 200r - 200 + 2(M/P). This IS curve is given by Y = 400 + 3G - 2T + 3NX - 200r. The function for the net exports is NX = 200 - 100e, where e is the..
Emerson Processing borrowed $900,000 for installing energy-efficient lighting and safety equipment in its La Grange manufacturing facility. The terms of the loan were such that the company could pay interest only at the end of each year.
A pure monopolist determines that at the current level of output the marginal cost of production is $2, average variable costs are $2.75, and average total costs are $2.95. The marginal revenue is $2.75. What would you recommend that the monopolis..
The amount of the loan was $23,800, and it had an interest rate of 10% per year. However, because the new graduate had not built up a credit history, the bank made him buy loan-default insurance that cost 5% of the loan amount.
The joint probability distribution on the returns of two securities X and Y is demonstrate in the table below.
Assume that the company is currently producing 248 units of output per day using 2 units of X and 4 units of Y. The daily cost per unit of X is $135 and that of Y is also $135. Would you recommend a change in the present input combination.
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