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Assume a good where its equilibrium price is 40 and its equilibrium quantity is 3.0 units. Compute the supply surplus when price is 60. Take into consideration that the elasticity of supply is 1 and the elasticity of demand (-1)
Business Economics, Economics
The reason that would cause movement along demand curve is 1) income of the buyers. 2) availability of close substitutes. 3) a change in the price of the good itself. 4) non of the above
You work for a large company with tens of thousands of retail outlets throughout the world. The average sales at each retail outlet is $2,400,000 per year, with a standard deviation of $600,000. You want to put in place ...
There are 100 identical firms in a perfectly competitive industry. Market demand is given by -200P +8000. If each firm has a marginal cost curve, MC = .4 q + 4. What is the firm's supply curve ? What is market supply? Wh ...
Suppose that the Wall Street Journal reports that we are headed for a recession. You are the manager of a firm that produces Starcho Lunch. Your marketing research people tell you that the demand for your product is gi ...
Describe two factors contributing to the gender pay gap. Write one equation or one graph for each. What policies could the government pursue to address each factor? Should the government do so?
You spoke with 10 people you know and found that they went out 3, 2, 1, 5, 4, 2, and 3 times last week. You then would choose to calculate a 95% (or another level) confidence interval for the population mean.
After paying $1.50, you are allowed to open a newspaper vending machine freely (i.e. get as many as you want). In contrast, a soft drink vending machine only drops one can after you pay the same amount of money. Why? Ple ...
1. Explain the different elements of property rights. Provide an example of how the US economy infringes on each. 2. Explain why inequality is considered to be a social "bad" by many people. In what way could inequality ...
How technology, government regulations, international factors, expectations about the future, and the macroeconomy play a role in managerial decision-making? Carefully explain each by giving example.
In a survey of 3236 adults, 1470 say they have started paying bills online in the last year. Construct a? 99% confidence interval for the population proportion. Interpret the results.
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