Economics Answers

Suppose the price of computers and office equipment decreased by 10% and, as a result, the demand for secretaries decreased by 5%. Calculate the cross-wage elasticity of demand for secretaries. Interpret your answer. (i.e. What does this tell us about the relationship between computers/office equipment and secretaries?)

Indirect utility function v(p1,p2 :m) =m/min (p1,p2)
What is expendicture function, demand function and ditet utility function

Suppose a firm's demand curve is P = 100 - Q. Find MR when Q = 10.

Ben has individual demand curve P = 8 - Q, while Ana has individual demand curve P = 8 - 0.5Q. If they are the only two in the market, find the market demand curve as P = A - BQ.

What is A?
What is B?

What does it mean for a firm to be suffering n economic loss? Does this imply that the firm is earning a negative profit in the accounting sense? Explain

If P = 200 - 4Q, find the revenue-maximizing quantity.

If P = 200 - 4Q, then the price elasticity of demand at P=80 is?

The Public Service Company of the Southwest is regulated by an elected state utility commission.
The firm has total assets of $500,000. The demand function for its services has been estimated as :
P = $250 - $0:15Q
The firm faces the following total cost function:
TC = $25,000 + $10Q
(The total cost function does not include the firm’s cost of capital)
a. In an unregulated environment, what price would this firm charge, what output would be
produced, what would total profits be, and what rate of return would the firm earn on its asset
base?

cost of attending a private college for one year is $6,000 for tuition, $2,000 for room, $1,500 for meal, and $500 for books and supplies. The student could also have earned $15,000 by getting a job instead of attending college and 10 percent interest on expenses he or she incurs at the beginning of the year. Calculate the explicit, implicit, and the total economic costs of attending college.

The number of rounds of golf each year has been diminishing for at least a decade. Explain this phenomenon predicated on what has happened to the distribution of income in the United States and the way people value and allocate their time in the 2010’s. You should employ discussions of supply and demand, utility, elasticities of demand, and monetary value of time. The more thorough your answer the more points you will accumulate.