(SOLVED) A consumer has 300 to spend on goods X

A consumer has 300 to spend on goods X A consumer has $ 300 to spend on goods X and Y.
The market prices of these two goods are Px = $ 15 and Py = $ 5. a. What is the market rate of
substitution between goods X and […]

You are a division manager at Toyota If your marketing You are a division manager at Toyota. If
your marketing department estimates that the semiannual demand for the Highlander is Q =
150,000 – 1.5P, what price should you charge in order to maximize revenues from sales of the
Highlander? […]

The demand function for good X is Qdx a The demand function for good X is Qdx = a + bPx +
cM + e, where Px is the price of good X and M is income. Least squares regression reveals that
â = 8.27, bˆ = -2.14, cˆ = […]

Suppose the true inverse demand relation for good X is Suppose the true inverse demand
relation for good X is Qdx = a + bPx + cM + e, and you estimated the parameters to be â = 22,
b^ = -1.8, ?â = 2.5, and ?b^ = 0.7. Find […]

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You are the manager of a firm that receives revenues You are the manager of a firm that
receives revenues of $ 40,000 per year from product X and $ 90,000 per year from product Y.
The own price elasticity of demand for product X is 1.5, and the cross- […]

Consider a market where supply and demand are given by Consider a market where supply and
demand are given by Qsx = – 16 + Px and Qdx = 92 – 2Px. Suppose the government imposes a
price floor of $ 40, and agrees to purchase any and all units […]

Suppose demand and supply are given by a Suppose demand and supply are given by a.
Determine the equilibrium price and quantity. Show the equilibrium graphically. b. Suppose a $
12 excise tax is imposed on the good. Determine the new equilibrium price and quantity. c. How
much tax revenue […]

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