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- But a less stringent version of the question is worthy of consideration:Is there any beneft to committing to a systematic policy?S6. Consider a simplified model in which everyone gets electricity either from solar power or from fossil fuels, which are both in relatively inelastic supply. (Ín the case of solar power, think of the required equipment as being in inelastic supply.) The upfront costs of using solar energy are high, so when the price of fossil fuels is low (that is, when few people are using fossil fuels and there is a high demand for solar equipment), the cost of solar can be prohibitive. In contrast, when many individuals are using fossil fuels, the demand for them (and thus the price) is high, whereas the demand (and thus the price) for solar energy is relatively lower. Assume the payoff table for the two types of energy consumers to be as follows: COLUMN Solar Fossil fuels Solar 2,2 3,4 ROW Fossil fuels 4,3 2,2 (a) Describe all possible ESSS of this game in terms of s, the proportion of solar users, and explain why each is either stable or unstable. (b) Suppose there are important economies of…Could someone explain the easy way to find the partial derivative in these problems? Suppose the demand equation is: Q = 120 - 0.75p. What is the price elasticity of demand if the price is $60 per unit and output is 75 units? The price elasticity of demand is (Enter a numeric response using a real number rounded to two decimal places.)
- Fill in the blank by typing 'increase', 'decrease', 'no change', or 'uncertain'. To receive credit, make sure to type the words in exactly as I have above. Do not include the apostrophes ('). As winter turns to spring, the weather begins to get warmer. Therefore, the equilibrium price for heavy sweaters will and the equilibrium quantity willWhat are the five scenarios where the concept of "elasticity" can be advantageous for economic participants.Please help with the red, thank you!
- The movie theater in Glendon has two types of customers: domestic students (group 1) and international students (group 2). At a price of p, cents, the number of movie tickets that domestic students are willing to buy per year is given by: q₁-170-0.7p₁. At a price of p₂ cents, the number of movie tickets that international students are willing to buy per year is given by: q₂-87-0.3p2. The total costs for the movie theater depend on the total number of tickets sold, 9₁+92, and are given by the following total cost function C(q₁+q₂)=(9₁ +9₂) ². Suppose that the movie theater can identify which students are domestic and which students are international, and students are unable to resell movie tickets to each other. This enables the theater to charge different prices to domestic vs international students. How do the cinema's profits change with this new pricing strategy? In other words, how much are the profits with uniform pricing, minus the profits with differentiated pricing?I'm waiting for the answer desperately It's in environmental economic textbook, kolstad.Suppose researchers at the University of Wisconsin discover a new vitamin that increases the milk production of dairy cows. If the demand for milk is relatively inelastic, the discovery will
- The next two questions are based on the following information: Sallie produces specialty T-shirts that are sold at special events. For an upcoming event, she can sell each T-shirt at $20 per shirt. However, when the event ends, any unsold T-shirts will be sold at a clearance price of $4 per shirt. It costs Sally $8 to make a T-shirt. Sally's estimate of the demand is the following. Demand Probability 300 0.05 400 0.1 500 0.4 600 0.3 700 0.1 800 0.05 Fill in the blank: The critical ratio is $Let us consider the example of a rice retailer, which sales 200 sack for the whole month. Now throughout the month, the store sold 10 sacks at an average price of 2,000 pesos, 100 sacks at an average price of 2,100 pesos, and 90 sacks at the average price of 2,300 pesos. Determine the revenue for the company.Hula Products has reintroduced the hula hoop to the world and faces a growing demand for its product in two distinct markets: the United States and Europe. Demand in these markets is: PU = 20 - .1QU and PE = 10 - .05QE., where all quantities are expressed in thousands of units (i.e. QU = 50 means 50 thousand units). Hula can produce hoops at no cost. The maximum Hula can produce is 80 thousand hoops. How many should be sent to Europe (QE)? Enter as a value (answer should be between zero and 80).
