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Suppose that in a week the price of Greek yogurt increases from $5.00/lb to $5.25/lb. At the same time, the quantity of Greek yogurt supplied increases from 100,000 lbs to 125,000 lbs. What is the price elasticity of supply for Greek yogurt?
Business Economics, Economics
You are given the following cost function: TC=80Q--4Q^2+0.1Q^3 a. Derive the average variable cost, average cost, and marginal cost equations. b. Over what range of output does economies of scale exist? Diseconomies of ...
A die is rolled four times. What is the probability that the sum of four numbers equals 13?
Assume that the car lot contains 35 percent Lincolns, 35 percent Jaguars, and 30 percent BMWs. Of the Lincolns, 90 percent have navigation systems, 60 percent of the Jaguars have navigation systems, and 40 percent of the ...
Suppose the demand schedule in a market can be represented by the equation QD = 500 -10P, where QD is the quantity demanded and P is the price. . Also, suppose the supply schedule can be represented by the equation QS = ...
Metro trains in Manhattan arrive at your train station exactly every 15 minutes (i.e., the times between arrivals are 15, 15, 15, and 15 in an hour). If you just arrived at the train station at a random time, what is the ...
A national report indicates that the mean and standard deviation of the ACT scores of incoming freshman at American public universities are 24.6 and 6.2, respectively. A sample of 30 incoming freshmen at a small, suburba ...
Suppose a bond with no expiration date has a face value of $10,000 and annually pays a fixed amount of interest of $900. a. In the table provided below, calculate and enter either the interest rate that the bond would yi ...
Link changes in unemployment, inflation, wages, and GDP to one another and how they impacted each other during periods of economic decline (recessions) and periods of economic growth (expansion) over the past 10 years.
Suppose the production function for a firm is given by: q=8L +2K. If the firm currently has 20 units of capital (K) and 10 units of labor (L), then calculate the Marginal Rate of Technical Substitution (MRTSLK).
A cartel is branch of an oligopoly. There are still a handful of large firms and many smaller firms. For instance, the diamond industry and the petroleum industries are examples are oligopolies. However, the main differe ...
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