Question
In: Economics
The price of a stagecoach trip from Ludlow Bushmatte’s ranch to Rio Bravo falls. In response,...
The price of a stagecoach trip from Ludlow Bushmatte’s ranch to Rio Bravo falls. In response, Morrison takes more trips but his total expenditure on trips declines. Ludlow’s demand is:
A.inelastic
B.elastic
C.unitary elastic
D.indeterminate
Solutions
Rahul Sunny answered 2 years agoRelated Solutions
Given the following two statements: “The price of corn rises and falls in response to changes...
Given the following two statements:
“The price of corn rises and falls in response to changes in
supply and demand.”
“In the corn market, demand often exceeds supply and supply
sometimes exceeds demand.”
In which of these two statements are the terms “supply” and
“demand” used correctly? EXPLAIN
Year # Cool Ranch Price of Cool Ranch # Nacho Cheesier Price of Nacho Cheesier 2005...
Year
# Cool Ranch
Price of Cool Ranch
# Nacho Cheesier
Price of Nacho Cheesier
2005
10
$5
20
$5
2006
15
$4
20
$6
Suppose the nation of El Dorito produces only two products, Cool
Ranch and Nacho Cheesier. The prices and quantities are shown for
two years above.
What was nominal GDP in 2005? It was .
What was nominal GDP in 2006? It was .
Now determine what Real GDP was in 2005 using 2006 dollars. It...
Year # Cool Ranch Price of Cool Ranch # Nacho Cheesier Price of Nacho Cheesier 2005...
Year # Cool Ranch Price of Cool Ranch # Nacho Cheesier Price of
Nacho Cheesier 2005 10 $5 20 $5 2006 15 $4 20 $6 Suppose the nation
of El Dorito produces only two products, Cool Ranch and Nacho
Cheesier. The prices and quantities are shown for two years above.
What was nominal GDP in 2005? It was Blank 1. Fill in the blank,
read surrounding text. . What was nominal GDP in 2006? It was Blank
2. Fill in...
Below is data from the Lazy R Ranch on its production and price of meats and...
Below is data from the
Lazy R Ranch on its production and price of meats and poultry. For
the years 2014 1nd 2015.
Quantities
2014 Price
per lb
2014
Price per lb 2015
Beef
235,000
3.49
3.79
Lamb
125,000
3.89
4.00
Chicken
1,000,500
2.49
2.89
a. Compute the price
relatives for each type of meat and poultry.
b. Computed a weighted
aggregate price index for the Murray Company. Comment on the change
in prices.
Suppose the price of notebooks rises from $2 to $3 and the quantity demanded falls from...
Suppose the price of notebooks rises from $2 to $3 and the
quantity demanded falls from 100 to 60. What is the change in total
revenue for the firms producing notebooks? How can your answer to
this help determine whether the demand for notebooks is elastic or
inelastic?
As more time passes, the price elasticity of supply becomes
more _______________
and (elastic/inelastic)
the supply curve becomes
_______________.
(steeper/flatter)
If a consumer is initially at an optimum, and then the price of X falls, then...
If a consumer is initially at an optimum, and then the price of
X falls, then
A. MUX/MUY < PY/PX.
B. MUX/PX > MUY/PY.
C. MUX/PX < MUY/PY.
D. MUX/PX = MUY/PY.
you have just returned from a long trip to Europe. He started the trip with $6,300...
you have just returned from a long trip to Europe. He started
the trip with $6,300 in his pocket. He spent 2,120 traveling
throughout euroland, 4,900NKr in Norway, and £1,760 in the U.K. The
exchange rates were $1 = .8912, 1NKr = $.1219, and £1 = $1.3234.
How many dollars did he have left by the time he returned to the
U.S.?
$994.69
$1,018.72
$1,143.67
$1,255.30
$1,345.88
The asking price of an acre of ranch land is currently $675 per acre. The current...
The asking price of an acre of ranch
land is currently $675 per acre. The current net cash flow from
ranching and farming is $45 per acre, the investor's cost of
capital is 8% and the planning horizon is ten years. The inflation
rate of current returns is 1% and land values are negative 1%.
A. Evaluate the profitability (NPV) of the investment assuming
no taxes and no debt financing.
B. Evaluate the profitability (NPV) of the investment assuming a...
1. If the price of a good falls by 10 percent, identify the price elasticity demand...
1. If the price of a good falls by 10 percent, identify the
price elasticity demand from the following responses. Would the
demand will elastic or inelastic?
a. 20 percent more is bought
b. 5 percent more is bought
Mercedes rises its C300 price in the U.S from $40,000 to $41,500 in response to a...
Mercedes rises its C300 price in the U.S from $40,000 to $41,500
in response to a movement of the exchange rate from $1.1000/EUR to
$1.1600/EUR.
A. What is Mercedes's percentage exchange rate pass-through in
this case?
B. Please provide four reasons (Key words) to explain why
multinational corporations can survive without a complete exchange
rate pass-through.
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