Homework Help Classof1: 424 books

"a. What elasticity of demand did the Village Administrator seem to assume here in his prediction for 1970- 1971? b. Compute the approximate elasticity of demand (round off, two decimal places is close enough). c. Consider the policy advantages of raising the price of water to pay for the sewage plant rather than raising real estate taxes. "

The diagram below shows the budget line and the indifference map of a consumer for two products, food and clothing.

Explain with aid of a diagram why monopoly is inefficient but perfect competition is efficient. Is it valid to say that monopoly is no good and hence the government should break up all the monopolists and convert them into perfect competition?

"Suppose that Demand and Supply curves for coffee bean is given by QD=10-P Qs=P Where Q denotes the tons of coffee bean and P denotes the prioce per ton. "

"a. What is the company's contribution margin ratio? b. What is the company's break-even in units? c. If sales increase by 100 units, by how much should net operating income increase? d. How many units would the company have to sell to attain target profits of $225,000? "

"Suppose that Demand and Supply curves for coffee bean is given by QD=10-P Qs=P Where Q denotes the tons of coffee bean and P denotes the prioce per ton. "

"(a) Write down an expression for his budget constraint. (b) Pawel's preferences are captured by the utility function u(q,Q) =\nq + n\nQ Where is a preference parameter? Find his uncompensated demand for British and Polish food. (c) Would his demand for Polish food rise or fall if « were...

"a. For the product shown, assume that the minimum point of each firm’s average variable cost curve is at $2. Construct a demand and supply diagram for the product and indicate the equilibrium price and quantity. b. On the graph, label the area of consumer surplus as f.  Label the area...

" Write out exact expressions (in terms of Q, K, and L) for the OLS ‘normal equation’ (4 equations in 4 unknowns) for a data set with 50 observations. Returns to scale (RTS) in a 3-factor Cobb-Douglas production function are given by γ_1+γ_2+γ_3. If OLS is unbiased, will the sum of the...

Taiwan Electronics produces three models of CB radios, A, B, and C. The estimated demand for the three models is 10,000, 12,000, and 7,000 units, respectively. The radios can be produced on one of four available production lines: Q, R, S, and T, whose production capacities are: 6,000, 15,000, 20,000...

"1. Since employees may differ in terms of their job performance, would it not be more feasible to determine the wage rate for each employee on the basis of his or her relative worth to the organization?  Explain 2. One of the objections to granting wage increases on a percentage basis...

Given cellar capacity constraints, The Kalamazoo Brewing Company (KBC) currently sells its microbrews in a seven-state area. The company’s marketing department has collected data from its distributors at each state. Data on the quantity and price (per case) of microbrews sold in the state of Ohio,...