ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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- вср 5) Suppose you're an economist for a private university, and the Board of Trustees tasks you with determining how much a tuition increase would impact university enrollment for different types of students. The proposed tuition increase is 10%. The absolute value of the price elasticity of demand for legacy students, that is, students whose parents graduated from the university, is 0.15 and for nonlegacy students is 0.33. The demand curve for legacy students is elastic than the demand curve for nonlegacy students. The rise in tuition would lower student enrollment by %. for non legacy studens Less: 1.5 Less; 3.3 More; 1.5 More; 3.3 0110arrow_forward10) The proprietor of the Shaw Music Mania Store calculates the demand equation for a certain brand of CDs to be q = -50p + 2000 , where p is the price it charges per disc and q is the number of discs sold in a day. Determine the maximum total annual revenue and the price at which the max revenue occurs.arrow_forwardIf you had been hired to advise your local public transit authority on how they could raise transitrevenues and you knew the elasticity of demand for transit rides, you would be able to give a goodanswer.Explain why above statements is True, False, or Uncertain according to economic principles. Use diagrams where appropriate.arrow_forward
- 1. Exercise 14.1 The price elasticity of demand for a textbook sold in the United States is estimated to be -2, whereas the price elasticity of demand for books sold overseas is -3. The U.S. market requires hardcover books with a marginal cost of $40; the overseas market is normally served with softcover texts on newsprint, having a marginal cost of only $15. The profit-maximizing price in the U.S. market is that MR P× (1+ × (1+)) and the profit-maximizing price in the overseas market is (Hint: Rememberarrow_forwardThe following estimates have been obtained for the market demand for cereal In Q= 9.01- 0.68 In P+0.75In A-1.3M, where Q is the quantity of cereal,P is the price of cereal,A is the level of adverstising, and M is income. Based on this information,determine the effect on the consumption of cereal of : a: A 5 percent reduction in the price of cereal. b: A 4 percent increase in income. c: A 20 percent reduction in cereal advertising.arrow_forward
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