# Economics

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Solution Library **

#### Calculate Impact On Income Using Demand Function

Question As the manager of a local hotel chain, you have hired an econometrician to estimate the demand for one of your hotels (H). The estimation has resulted in the following demand function: Qh = 2,000 – Ph – 1.5Pc -2.25Pse + 0.6Poh + .02M Where Ph is the price of room at your hote ... Read More

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#### Calculate Impact on Income Using Demand Function

Question As the manager of a local hotel chain, you have hired an econometrician to estimate the demand for one of your hotels (H). The estimation has resulted in the following demand function: Qh = 2,000 – Ph – 1.5Pc -2.25Pse + 0.6Poh + .02M Where Ph is the price of room at your hote ... Read More

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#### Calculate Impact on Income Using Demand Function

Question As the manager of a local hotel chain, you have hired an econometrician to estimate the demand for one of your hotels (H). The estimation has resulted in the following demand function: Qh = 2,000 – Ph – 1.5Pc -2.25Pse + 0.6Poh + .02M Where Ph is the price of room at your hote ... Read More

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#### Graph the Supply and Demand Curves

Question Suppose you are an aide to a U.S. Senator who is concerned about the impact of a recently proposed excise tax on the welfare of her constituents. You explained to the Senator that one way of measuring the impact on her constituents is to determine how the tax change affects the level of co ... Read More

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#### Calculation of Equilibrium Quantity and Equilibrium Price

Question Suppose you are an aide to a U.S. Senator who is concerned about the impact of a recently proposed excise tax on the welfare of her constituents. You explained to the Senator that one way of measuring the impact on her constituents is to determine how the tax change affects the level of co ... Read More

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#### Calculation of Consumer Surplus in Market

Question Suppose you are an aide to a U.S. Senator who is concerned about the impact of a recently proposed excise tax on the welfare of her constituents. You explained to the Senator that one way of measuring the impact on her constituents is to determine how the tax change affects the level of co ... Read More

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#### Calculation of Tax revenue, Producer Surplus and Deadweight Loss

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#### Calculation of Cross Elasticity of Demand

Question Eastern Airlines offers coach seats on its flight from Milwaukee to New York for $250. Sales have averaged 700 per day during the last year. Eastern’s primary competitor (Continental Airlines) cut their prices from $220 to $200. The quality of travel is the same between airlines (no ... Read More

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#### Calculation of Arc Price Elasticity of Demand

Question Eastern Airlines offers coach seats on its flight from Milwaukee to New York for $250. Sales have averaged 700 per day during the last year. Eastern’s primary competitor (Continental Airlines) cut their prices from $220 to $200. The quality of travel is the same between airlines (no ... Read More

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#### Calculation of Optimal Quantity of Labor Demanded

Question A perfectly A Perfectly competitive firm has a MPL = 20-L. If P = $5 and w = $10/hr a) What is the optimal quantity of labor demanded? b) Given these circumstances, how can the firm and the employee avoid outsourcing? c) How does the "slacker" or "lazy" worker compound ... Read More

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#### Calculation of Price Elasticity of Demand

Question Given the following demand function: Q = 2.0 P-1.33 Y2.0 A0.66 Where: Q = quantity demanded (thousands of units) P = price ($/unit) Y = disposable income per capita ($ thousand) A = advertising expenditures ($ thousand) Determine the fol ... Read More

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#### Calculation of Percentage Increase in Demand When Disposable Income Changes

Question Given the following demand function: Q = 2.0 P-1.33 Y2.0 A0.66 Where: Q = quantity demanded (thousands of units) P = price ($/unit) Y = disposable income per capita ($ thousand) A = advertising expenditures ($ thousand) Determine the fol ... Read More

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