EBK PEARSON ETEXT MICROECONOMICS -- ACC
9th Edition
ISBN: 9780136850892
Author: Rubinfeld
Publisher: VST
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Textbook Question
Chapter 2, Problem 11RQ
Suppose the
Q = 10 − 2P + PS
where P is the
- a. Suppose P = $1.00. What is the
price elasticity of demand ? What is the cross-price elasticity of demand? - b. Suppose the price of the good, P, goes to $2.00. Now what is the price elasticity of demand? What is the cross-price elasticity of demand?
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1. Case 0) Baseline case
Table 1: Power Plant Capacity and Marginal Cost: Case 0
Plant #
Energy Source
Capacity (MW)
MC (S/MWh)
1
Coal
300
45
2
Oil
100
90
3
4
Natural Gas
Nuclear
500
50
600
0
(a) Calculate the capacity mix of this market by energy source.
(b) Draw a supply curve of this wholesale generation market.
Table 2 below shows the demand levels for selected hours of a representative day. We will
consider only these four hourly markets for our analysis. Note that the 6 PM demand is the
highest demand level of the day.
Table 2: Hourly Demand (selected hours)
Hour
Demand (MWh)
4 AM
500
10 AM
700
2 PM
800
6 PM
1000
(c) Find the market clearing prices and calculate how much electricity each power plant
generates in the hourly market (4AM, 10AM, 2PM, and 6PM).
(d) Find the average price of electricity (by taking a simple average of hourly prices; [P(4am)
+ P(10AM) + P(2PM) + P(6PM)]/4).
Don't used Ai solution
How human recource allocated in an economic?
Chapter 2 Solutions
EBK PEARSON ETEXT MICROECONOMICS -- ACC
Ch. 2 - Prob. 1RQCh. 2 - Prob. 2RQCh. 2 - If a 3-percent increase in the price of corn...Ch. 2 - Prob. 4RQCh. 2 - Explain why for many goods, the long-run price...Ch. 2 - Why do long-run elasticities of demand differ from...Ch. 2 - Prob. 7RQCh. 2 - Prob. 8RQCh. 2 - Prob. 9RQCh. 2 - In a discussion of tuition rates, a university...
Ch. 2 - Suppose the demand curve for a product is given by...Ch. 2 - Prob. 12RQCh. 2 - Prob. 13RQCh. 2 - Prob. 1ECh. 2 - Consider a competitive market for which the...Ch. 2 - Prob. 3ECh. 2 - Prob. 4ECh. 2 - Prob. 5ECh. 2 - Prob. 6ECh. 2 - In 2010, Americans smoked 315 billion cigarettes,...Ch. 2 - In Example 2.8 we examined the effect of a...Ch. 2 - In Example 2.8 (page 52), we discussed the recent...Ch. 2 - Prob. 12E
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