pple sells 10 million iPhones at $100 each. Apple increases the sale price to $200. Sales decreased to 9 million units. Calculate the product’s elasticity of demand then classify it as inelastic or elastic..

Q: Given that If Alfonso's marginal cost is $6, their best-response function is, Pa=(Pb+30)/2 and If…

A: Given, Best Response Function for Alfonso: PA=PB2+15 Best Response Function for Bernice: PB=PA2+18…

Q: Carefully explain what is happening in the following market. Indicate the impact if any on demand,…

A: At the marketplace, any change in the factors affecting supply or demand will have a significant…

Q: Currently the market for domestic air travel in OzLand is a monopoly with Qanwings as the supplier.…

A: Supply is a upward sloping curve and demand is a downward sloping curve and the interaction of this…

Q: Brian spends his entire monthly income of $1200 on shoes (S) and pizzas (P).  The price of a pair of…

A: Introduction  Monthly income of shoes and pizzas $1200  The price of pair shoes $60 and the price of…

Q: a. Butter and toast are often consumed together. Both the equilibrium price of toast and the…

A: Introduction  When the quantity of supply of  goods matches the demand of goods, it is called…

Q: In Autarka there are 9600 people who like to visit an amusement park. Each of these consumers wants…

A: Let, the price of admission at Alfonso's Wonderland be = $PA. The price of admission at Bernice's…

Q: 4. Analyzing the effects of a trade deficit You have just been hired by the U.S. government to…

A: When a nation's imports exceed its exports over a given time frame, a trade deficit results. It is…

Q: ln October 2015, in an unexpected move, global technology giant Google lnc (Google) restructured…

A: Introduction ln October 2015, in an unexpected move, global technology giant Google lnc (Google)…

Q: The following are the duration in minutes of a sample of long-distance phone calls made within the…

A: The relative frequency refers to the frequency for a class or a category and is the ratio of the…

Q: = 8. Jane lives in a dormitory that offers soft drinks and chips for sale in vending machines. Her…

A: Marginal rate of substitution is the rate at which one good can be substituted for other, keeping…

Q: Consider the insurance problem from class in which an agent with wealth w dollars has a chance 7 €…

A: Given information Initial wealth=W Chances of loss  lies between 0 to 1 Loss amount=l Insurance…

Q: In Autarka 2 amusement parks, Alfonso's wonderland and Bernice's rides there are 9600 people who…

A: Let, the price of admission at Alfonso's Wonderland be = $PA. The price of admission at Bernice's…

Q: Consider the table of GDP and population for several imaginary countries. Country GDP in millions…

A: Introduction GDP states the total market value of all final goods and services produced in a year in…

Q: Find the equilibrium level of national income in the basic Keynesian macroeconomic model. C = 40 +…

A: Introduction: National Income: The national income refers to the whole earnings of a country that it…

Q: An important function of the Bank of Canada is to: Multiple Choice sue bonds on behalf of large…

A: Money is the main & most important ‘medium of exchange’ in an economy. Through these medium…

Q: This year Anjun's monthly pay rose from $1000 (last year's rate) to $1100 (this year's rate).…

A: Nominal income. Income that has not been adjusted for inflation and reducing purchasing power.…

Q: Kyoko currently earns a_________(nominal or real) wage of $12.00 per hour; in other words, the…

A: Nominal Wage refers to wage given in hand in monetary terms. For eg: a worker earns $10 per hour.…

Q: The table below gives the number of labour needed to produce one unit of Cloth and Machine in…

A: Absolute advantage refers to the the ability of the country to produce more output than the other…

Q: 2. Now assume that CC Inc. is hiring Marie as a consultant to computerize its office operations.…

A: Utility is a gauge of how contented a person feels after consuming certain goods. To put it another…

Q: Mr. Rankine bought a piece of property for P100,000 down payment for 10 years deferred semiannual…

A: The semi-annual payments can be thought of as annuity due payments, and in year three, we need to…

Q: . In the Solow growth model, defining s as the savings rate, Y, as output, and Ct as consumption,…

A: ANSWER: (5). Solution-     In solow model,    s¯ = saving rate     Yt = Output    Ct = consumption…

Q: A man purchased a monthly installment a P100,000 worth of land. The interest rate is 12%  nominal…

A: Given, Monthly installment = P = P100,000 Interest rate = 12% per year Interest rate per month = i =…

Q: 5. a. Using the data found in Question 1, calculate the elasticity of demand and elasticity of…

A: An elastic demand is one in which the change in quantity demanded due to a change in price is large.…

Q: Engr. Simon borrows P100,000 at 10% effective annual interest. He must pay back the loan over  30…

A: We have,  Borrowed fund is  P100,000 Effective annual interest is 10% Loan period is 30 years

Q: Which of the following economic changes are consistent with cost-push inflation? Check all that…

A: Cost-push inflation is inflation brought on by rising input costs, such as those for labour, raw…

Q: true or false. Even when customers are not looking for exclusivity or distinction, the perception of…

A: Price sensitivity refers to the degree to which the price of an item or service influences…

Q: The United States and Canada have the production possibilities curves shown above. It is determined…

A: Production possibility curve It is a curve that displays different combinations of the quantities…

Q: A monopolist book publisher with a constant marginal cost of 2 and no fixed costs sells novels in…

A: Given  The marginal cost of a book =2 Fixed cost =0. The inverse demand for books in country 1 is…

Q: An asset is purchased for $20,000. Its estimated life is 20 years ,after which is sold for $4000.…

A: Given  Initial cost of the asset (P)=$20,000 Estimated life =20 years Salvage value (F)=$4000…

Q: Red Velvet's latest album is being sold in three different versions. A Kpop merchandise seller…

A: Profit function: P=30,000-0.1x2-y2-z2+80y+100z P is the profit x,y, z are the number of albums.…

Q: 12. Mr. Farmer has been in the business of selling cheddar cheese for almost three years, and thus…

A: Demand : D=2500-10p Fixed Cost : FC=1,100 Variable Cost: VC=$15   1) To find the optimal number of…

Q: Telephone operators who have lost their jobs as a result of computerized switchboards are an example…

A: A person who is able and willing to work at the going rate of pay is said to be unemployed. It is a…

Q: The number of people classified as employed is 325,000 and the number of people in the labor force…

A: The labor force is a group of people who are qualified to be employed in the economy and also…

Q: ✓ Choose... The RBNZ lowers the OCR. Interest rates in the wider economy fall. Trading banks…

A: A central bank is a public foundation that deals with the cash of a nation or a gathering of…

Q: Which of the following statements are correct? Select all that apply. AA flow variable is dependent…

A: Stock refers to any quantity that is measured at a particular point in time, while flow is referred…

Q: Explain how the following situation would affect a nation's production possibilities curve. A…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: C. Carol consumes cheese, x, and cocoa, y. Cocoa is sold in an unusual way: a units of cocoa will…

A: This is an example of the perfect substitute. Corner solution is likely to occur in such situation.

Q: reland and Belgium have very similar trading patterns. Both trades considerably more with the United…

A: The Gravity model of international trade states that trade is proportional to the product of GDP of…

Q: 4. Which of the following is not an intangible? Group of answer choices Patents Trademarks…

A: 4. "Since you have asked multiple questions, we will solve first question for you .. If you want any…

Q: Prediction markets allow traders to bet on future events. One prediction market that is particularly…

A: Given information Utility function U=ln(X+1) Initial wealth=4 Probability of winning=0.5  So, the…

Q: Is it possible to explain this via midpoint formula? I appreciate it by the way.

A: Elasticity measures the responsiveness of quantity with respect to changes in its prices. The…

Q: Consider a weather forecaster who is paid based on her performance. Each day, she forecasts the…

A: Probability of Rain = p  Probability of no rain =  (1 - p )  The forecast is 'q'  Bonus if it rains…

Q: Choose and discuss any one of the UN's sustainable development goals (SDG). Give a concrete example…

A: The notion of preserving the ability of natural systems to continue supplying natural resources and…

Q: Total population Employed Number of people below 15 Number of people retired Number of people not…

A: Introduction The unemployment rate can be calculated when unemployed persons are divided by the…

Q: What is the value of an investment after 8 years that earns interest rate 5% annually. Its original…

A: Introduction: It is given in the question that the original investment value is P120,000 and we have…

Q: Consider an investment of $100 over a 1-year period. The inflation rate is 5%, and the nominal…

A: Following is the given information in the question: Given the investment = $100 Time period = 1 year…

Q: Balin's Burger Barn operates in a perfectly competitive market. Balin's is currently earning…

A: In perfect competition,  Price is always equal to marginal cost.  And there is always zero profit.…

Q: In Italy, firms pay tax on reported profits at a constant proportionate rate t€ (0,1). If the firm's…

A: Probability of audit = p  Probability of no audit = (1- p) Tax without audit  Reported = tr  Tax…

Q: The "invisible hand" in a competitive market pushes the firms in the market to

A: The "invisible hand" that drives the public interest encourages the domestic bourgeoisie to invest…

Q: Consider the following OLS regression results, In(inc)=1.970+.083educ, R2=.186, where inc represents…

A: Given  Estimated regression equation: ln(inc)=1.970+0.083 educ R2=0.186 Here inc represents the…