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D(Pcoke)= 26.17 – 3.98Pcoke + 2,25Ppepsi + 1.10acoke-0.62apepsi + 9.58s + 0.99Y where: aj is advertising expenses = $110, s=1 if summer, s=0 otherwise y is real income=$200, Pcoke =$1 and Ppepsi = $3
What is the quantity demanded for coke in the summer? Is coke a normal good or an inferior good? Is coke a elastic or inelastic good? explain how the equation led you to your answer)? Calculate the cross price elasticity of demand for coke and Pepsi and explain the nature of the result?
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(A) Identify the FOUR (4) assumptions underlying the Production Possibilities Curve. Ireland is known for the production of Houses and Agricultural products. The following is a production possibility schedule for Ireland. Combinations Houses Agricultural Products A 0 150 B 10 145 C 20 130 D 30 100 E 40
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1) The legislative branch makes laws, the executive branch carries them out, and the judicial interprets them, in the intended model of the US government. true or false 2)The Founding Fathers took their view of separation of powers from a dude named Madison Montesquieu Marshall Montplier 3)The president
a. Calculate the price elasticity of demand when price is increased from $25 to $30 b. What type of elasticity does this good face?
Using the formulas for profit, marginal revenue, and marginal cost, fill in the table below: Q TR TC Profit MR MC 0 0 20 1 30 40 2 60 56 3 90 76 4 120 100
Given what you’ve learned about normative and positive statements, which of the following is a normative statement? a.) The price of eggs is too high. b.) nflation has been under 10% for the past 10 years. c.)The average temperature in New York City in April
Consider the Production Possibilities Frontier (PPF) above which shows two possible outputs of a hypothetical economy — cars on the vertical axis (output 2) and laptops along the horizontal axis (output 1). Answer these two questions (a few sentences each): #1) Can society currently produce at any point from
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Identify one inelastic and one elastic goods/services that you have recently purchased or not, and relate your examples to the characteristics of the price elasticity of demand. Analyze the challenges a store would be facing to raise the price of an elastic and inelastic good.
The green triangle is __________ and the red triangle is __________. consumer surplus; deadweight loss. producer surplus; deadweight loss. producer surplus; consumer surplus. consumer surplus; producer surplus.
(1) The relationship between the total utility and the marginal utility. Total utlity is the total satisfaction that a person receives from consuming or using certain goods and services. Marginal utillity is the additional satisfaction that a person receives from consuming one additional unit of a certain good or services.
The graph below depicts a government intervention setting at a price ceiling of $1,500 per month for a rental apartment. What is the value for the deadweight loss in this market? – $2,500 million – $1,250 million – $1,725 million – $2,250 million
1) Suppose that at market equilibrium, the marginal private cost is $39 and the marginal social cost is $48. What is the value of the external cost to society? 2) Suppose that at market equilibrium, the marginal private benefit is $30 and consumption generates an external benefit to society
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