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Fish platter international faces a demand curve given by Q =10 - P and has a constant marginal and average cost of $3 per fish platter produced. Complete the following table for the various production levels, given that P is price per fish platter in dollars and Q is output in inputs. Q p TR (PXQ) MR MC AC TC Profit
With the aid of a diagram, distinguish between internal economies of scale and internal diseconomies of scale. Give two examples of each
1. Suppose the price elasticity of demand for Geisha soap is 4. What will be the effect on the quantity demanded for Geisha Soap if price rises by 8%? 2. Suppose the income elasticity of demand for jewelry is 3 and the income elasticity of demand for medical services is 0.3. What does this mean? Compare the impact on jewelry and medical services of a recession that reduces consumers’ incomes by 6% 3. Assume the cross elasticity of demand for chicken with respect to the price of fish is 2 and -2 with respect to the price of potatoes chips . What does this mean? What will be the effect on the quantity demanded for fish and potatoes chips if the price of chicken rises by 7%?
Suppose that the demand for crude oil is given by Qd =85- 0.4P, where Qd is the quantity demanded in millions of barrels per day and P is the price per barrel in dollars. Suppose also that the supply of crude oil is given by Qs= 55 + 0.6P. a) Calculate equilibrium price and quantity in this Market b) Graph the demand curve and the supply curve c) Calculate the demand for crude oil and the supply for crude oil if the market price is $ 15.00 per barrel. Explain your answer. d) Calculate the demand for crude oil and the supply for crude oil if the market price is $50.00 per barrel. Explain your answer. 2. What type of relationship exists between the firm’s average physical product curve and the average cost curve in the short- run
James Walker allocates his budget of $ 24 per week among three goods, A, B and C. Use the following tables of quantities (Q) and total utilities (TU) to answer the questions below: QA TUA QS TUS QC TUC 1 50 1 75 1 25 2 90 2 135 2 45 3 120 3 175 3 60 4 140 4 205 4 70 5 155 5 225 5 77 i. If the price of A is $2, the price of B is $3, and the price of C is $ 1, how much of each does James Walker purchase in equilibrium? ii. If the price of A rises to $ 4 while other prices and James Walker budget remain constant, how much of each does he purchase in equilibrium? iii. Use the information from part (i) and part (ii) to draw the demand curve for good A. Be sure to indicate the quantity demanded for each point on the curve.
With regard to achievement of stability of equilibrium in an isolated market assume that the market for string beans is found to have a lagged supply response such that the demand and supply function may be written as 2 Dt = aPt + b St = AP t-1 + B
Required: Derive the conditions for dynamic stability of equilibrium
3) Suppose that the market demand for Blue band is a straight line of the form Q = 300-50p where Q is the quantity bought in thousands of boxes per week and P is the price per box in. i. How much Blue Band is demanded at P= 0?
ii. At what price does the demand for Blue Band go to zero?
iii. Calculate total expenditures for Blue Band at each price between and inclusive of the prices identified in parts
(i) and (ii) above. iv. Is demand elastic or inelastic at the following prices; (a) P =2 (b) P=4. Explain your answers.
Just as the U.S. strategic policy of containment (of Communism, in general, and the Soviet Union, in particular) gradually evolved just after World War II to win the Cold War in 1989, could a similar strategic policy of containment of radical Islam evolve after the Iraq and Afghanistan wars to protect the non-Islamic world from fanatical extremism?
Identify a prominent leader in public policy and administration whose career took off because of his or her ability to write the kind of graceful prose that attracted positive attention. Discuss what makes the leader effective in the field of public policy.
How has the role of the mentor changed through the ages, or is it essentially the same as it was in ancient Greece?
