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Suppose the price elasticity of cigarette demand is -0.40. If we increased the price of cigarettes by 50%, what would we expect to happen to the quantity purchased? To total expenditures on cigarettes?
A manufacturer producing ball bearings claims that the mean weight of ball bearings produced is 5 ounces. The distribution is known to be normal with standard deviation 0.1 ounces. A random sample of 16 ball bearings is taken and their mean weight..
from this, equilibrium leads to 1100-5P = -100+P ⇒ P = 200 and Q = 100 Suppose the world price is still 120. Assume that the government now imposes an import quota of 300 units. Under the new quota,
Groupon is a popular group purchasing and daily deals website. In a current promotion, a local restaurant to sold buffet vouchers at a step discount on Groupon's website.
The demand curve for product X is given by Qxd = 5000 - 5Px - .1Pz where Pz = 50 a. What is the own price elasticity of demand when Px = $100? Is demand elastic or inelastic at this price What would happen to the firm's (total) revenue if it decid..
Suppose a perfectly competitive firm has the short-run cost function C = 125 + q2. The associated marginal cost (MC) for this total cost funct ion is 2q.
supply qs600100pdemand qd1200-200pwhere qs is the supply of packs of cigarattes and qd is the demand for packs of
In this exercise, you will find actual points on the combined PPC of the two states. For each of the following values of one good, calculate the maximum amount of the other good that the two countries could produce working together.
two individuals chip and holly are stranded on an island. the island has plenty of vegetation. chip and holly can spend
your company asks you to analyze two mutually exclusive projects for the coming year. project a will have an initial
Determine which of the two machines should be selected, using an AW-based rate of return analysis, if the MARR is 18% per year. The semi-automatic machine has a first cost of $40,000, an operating cost of $100,000 per year
If Wachovia bank receives a $10,000 deposit, and the required reserve ratio is 0.10 (= 10%), how much can the bank loan out? Assume that Wachovia keeps zero excess reserves and only keeps the required minimum reserves.
Two firms are in the chocolate market. Each can choose to go for the differentiation focused high quality market or the cost focused low quality market. Resulting profits are given by the following payoff matrix
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