Elasticity vs inelasticity

Elasticity = (% Change in Quantity)/(% Change in Price) Suppose the price of apples rises from $3 a pound to $3.45 and your consumption of apples drops from 30 pounds of apples a month to 21 pounds of apples. Calculate your price elasticity of demand of apples.

price and quantity supplied- 9417

Problem: Given 3 equations: MR = 500 - 10Q TR = 2000Q - (20Q)(20Q) didn't know how to put in squared MC = 200 + 10Q Calculate the following: A. The price and quantity supplied for the monopolist B. The price and quantity supplied for the perfect competitor.

GDP calculations, GDP trends

Use the following data to answer questions 1-3 (be sure to provide all calculations). Quantities Produced Prices CDs Tennis Racquets CDs Tennis Racquets Year 2004 100 200 20 110 Year 2005 120 210 22 120 1. Calculate real GDP for 2004 and 2005 using 2004 prices. By what percent did real GDP grow? 2. Calculate the value of the price index for GDP for 2005 using 2004 as the base year. By what percent did prices increase? 3. Now calculate real GDP for 2004 and 2005 using 2005 prices. By w... click for more

Macroeconomic Principles and Policy

1. Describe three ways in which the Federal Reserve can change the money supply. 2. If the Federal Reserve is going to adjust all of these tools during an economy that is growing too quickly, what changes would they make? 3. If the Federal Reserve is going to adjust all of these tools during an economic recession, what changes would they make? 4. What changes, if any, to the current condition of these tools would you make at the next meeting of the Federal Reserve? Explain why and the benefits/drawbacks of this strategy.

Game Theory and Competitive Strategy

a. Suppose that no communication is possible between the firms; each must choose its R&D strategy independently of the other. What actions will the firms take, and what will be the outcome? b. If the firms can communicate before setting their R&D strategies, what outcome will occur, Explain. please see attached.