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Suppose the demand for the IBM personal computer is: Qd = 2400 - 4p
(a) At what price is the price elasticity of demand equal to zero?
(b) When the price elasticity of demand equal to 1, what's the quantity being demand at that point?
(c) Figure out at what price, the price elasticity of demand is infinite, and explain what does infinite price elasticity of demand mean?
(d) What's the change of revenue generated by sale when the price elasticity of demand falls from infinite to 1?
(e) Explain how we can account for ‘bads' (such as pollution) in analysis of consumer preferences.
Suppose insurance companies have access to the results of genetic tests and they require all customers to get the test. How will the insurance company change its price of X insurance?
Suppose Firms 1 and 2 merge, but their marginal cost remains at 5. What are the new Cournot equilibrium quantities and price? Is the profit of the merged firm bigger or smaller than the combined profits of Firms 1 and 2 in the initial equilibrium ..
Lorena likes to play golf. The number of times per year that she plays depends on both the price of playing a round of golf as well as Lorena's income and the cost of other types of entertainment-in particular, how much it costs to go see a movie ..
Suppose that the residents of Vegopia spend all of their income on Cauliflower, broccoli, and carrots. In 2008, they buy 100 heads of cauliflower for $200, 50 bunches of broccoli for $75, and 500 carrots for $50.
Under what economic circumstances might economists recommend fiscal intervention in a market economy?
Explain the differences between the three types of ODBC data sources.
Suppose that the total benefit and total cost from an activity are, respectively, given by the following equations: B(Q)=150 + 28Q - 5Q^2 and C(Q) = 100 + 8Q. (note: MB(Q) = 28 -10Q and MC(Q) = 8). Write out the equation for the marginal net benefi..
A firm with market power produces a chip at a marginal cost of $10 per unit and zero fixed costs. It faces a demand function given by P = 50 - Q. What are the profits of the firm at the optimal price and output combination
Determine if the given equation is a supply or demand equation. For a supply equation, find the minimum price for which there will be any supply. For a demand equation, find the maximum possible demand and the maximum price that can be charged.
Show that ESF interventions are automatically sterilized and thus do not alter money supplies. How do ESE operations affect the foreign exchange risk premium?
Use excel to graph the NPW as a function of interest rate for all alternatives. Also a choice table for interest rates from 0% to 100%. Finally, which alternative should be chosen if MARR=15% QZY, Inc. is evaluating new widget machinesoffered by th..
Do you use illustrations to teach others? How have you used examples to win an argument, teach your child a difficult lesson, or to explain a problem? In what ways are illustrations a part of your daily interactions with others?
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