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Granny’s Restaurant sells apple pies. Granny knows that the demand curve for her pies does not shift over time, but she wants to learn more about that demand. She has tested the market for her pies by charging different prices. When she charges $4 per pie, she sells 30 pies per week. When she charges $5, she sells 24 pies per week. If she charges $4.50, she sells 27 apple pies per week.
a) With these data draw a graph of the linear demand curve for Granny’s apple pies.
b) Find the price elasticity of demand at each of the three prices.
Last year, the United States imported approximately $100 billion worth of oil. Many people believe we should simply stop importing all oil (about half of our domestic consumption). One argument in favor of this is that this oil is only about 1%
A company is considering purchasing a copy machine. The information is given : Investment cost $30,000 Expected life 5 year Market salvage value -$2,500 (negative means that there is a net cost to dispose of an asset) Annual receips $23,500 Annu..
What is the basic determinant of (a) the strength of the transactions demand for money (the location of the transactions demand for money curve) and (B) the amount of money demanded for assets, given a particular asset demand for money curve
Discuss the effects on a country's current-account balance from the following changes in tax rates. a. A permanent increase in the tax rate on labor income and b. A temporary increase in the tax rate on asset income
Electrical power costs at a mine are estimated to be $850,000 in each of the next 12 years. Find out the present value of this expenditure at an interest rate of 11%.
Why do you think consumers respond to the "Buy One Get One Half Off" sales promotion and what principle of economics does this behavior reflect?
Should the government break up a monopoly into a large number of perfectly competitive firms? Why?
1. Evaluate Time Warner Inc's working capital position.
Suppose government spending increases. Would the effect on aggregate demand be larger if the Federal Reserve held the money supply constant in response or if the Fed were committed to maintaining a fixed interest rate
A supply curve differs from a supply schedule because a supply curve is a graph and the supply schedule is a table. represents all firms in the market, whereas the supply schedule represents one firm. holds the number of suppliers constant, wherea..
What would each of the following events do to the terms of trade of the importing country and the exporting country, other things being equal?
Can you explain this to me. Scatterplot Y=Weight in April X=Weight in September Histogram (Frequency Counts) Weight in September Histogram (Relative Frequency %) Weight in September Histogram (Frequency Counts) Weight in April Histogram (Relative ..
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