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Can anyone explain and teach me the formula for these 2 questions? II know the answers I wanna know how to solve them. If a price of corn is $3.00 a bushel, 5000 bushels would be demanded. If the price rise to $4.00, 4000 bushels would be demanded. I know the elasticity is -0.778. Q1Based on this, If the price of corn rose $5.00 a bushel, what would be the demand for corn? Q2 If the price of corn decreased from $4to $3,what would be the change in total revenue for sellers of corn?
A major state university in the South recently raised tuition by 12%. An economics professor at this university asked his students, "Due to the increase in tuition, how many of you will transfer to another university.
Develop a marketing plan using the 4Ps that addresses
In the absence of regulation, firm 1 would emit 15 and firm 2 would emit 20. The firms have the following marginal control costs where q1 and q2 are the amount of emissions reduced by each firm. If instead an emission permit system was established, h..
Your company has just signed a three-year nonrenewable contract with the city of New Orleans for earthmoving work. You are investigating the purchase of heavy construction equipment for this job. The equipment costs $200,000 and qualifies for five-ye..
Several states mandate that school district boundaries follow county lines, while other states allow several school districts to locate in the same county. Assume that county size is approximately the same in both of these groups of states. Think abo..
Who are the informal and formal gatekeepers in the community? Provide a rationale for your answer that includes how and why you identified these gatekeepers. What are the next steps for gaining buy-in from these gatekeepers, and why? Provide a ration..
Average visit per week equal 640 when the copayment is $40 and 360 when the copayment is $60. Calculate the percentage change in visits, percentage change in price, and price elasticity of demand using 640 and $40 as the denominators for percentage c..
Consider the following information for a simultaneous move game: If you advertise and your rival advertises, you each will earn $5 million in profits. If neither of you advertises, you will each earn $10 million in profits.
After getting an A on your economics exam, you decide to go to your favourite Mexican restaurant to celebrate. You are having trouble deciding whether to order the chipotle chicken chimichanga or the cilantro seafood enchiladas. Use the rule of equal..
Suppose that you are buying your first home. Current interest rates on a 30-year fixed-rate mortgage are 5 percent, since lenders expect an inflation rate of 2 percent over the next 30 years, thus ensuring them a real return of 3 percent. If actual i..
Using diagrams for aggregate expenditures (AE) and aggregate demand and supply (AD-AS), show the short run effects each of the following scenarios has on the relevant economy. Be sure to identify the cause of any shift or movement along AE, AD, and/o..
Suppose Congress passes legislation that raises taxes. At the same time the Fed undertakes contractionary monetary policy. Use the IS-LM model to illustrate graphically the impact on output and interest rates. Explain the graph in words, specifically..
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