Economics - July 2007

I need help on this, this class was easy but the numbers and functions get to me, thanks

demand function P=2,000-50Q
a) to sell 20 units of Q, what price would have to be charged?

b) if firm sets a price of $500, how many units of Q would be sold

c) what is the price elasticity of demand if price equals $500

d) at what price if any, will the demand of Q be unitary elastic

2007-07-09 16:22:10 · 1 answers · asked by jake p 2

the income elasticity of demand for a firms product is estimated to be .75 a recent report in wall street journal says that national income is expected to decline by 3 percent this year
a) what should you do with your stock of inventories

b) what do you expect to happen to your sales

economics is fun

2007-07-09 16:18:37 · 1 answers · asked by jake p 2

Last year the price index rose from 150 to 156 and Joni's nominal income rose by 2%.
-Joni's real income: fell by about 4%
- increased by about 4%
- fell by about 2%
- increased by about 2%

2007-07-09 11:55:47 · 2 answers · asked by Vman 1

2007-07-09 11:51:41 · 4 answers · asked by juan carlos 2

Did you know that if corn is used for gas the price of poltry (corn used as animal feed), chips and other foods would be increased?? this would increase corn prices in mexico (a main staple in mexico), and also corn is the main export to starving countries. In theory corn for gas sounds gr8, but in the end it only replace 20% of oil usage. Considering these factors Is it worth it?? In my opinion no.

2007-07-09 10:42:23 · 14 answers · asked by Amaretto 2

Why or why not?

2007-07-09 09:49:13 · 4 answers · asked by Angela L 1

As a deadbeat dad can't keep an old business or form a new business, doesn't it bother anyone that this is one reason for the 9 trillion dollar deficit and the millions of poor in the USA and the millions of men women and children in prison in the USA and our general lack of military success in the USA?

2007-07-09 08:23:50 · 12 answers · asked by Anonymous

2007-07-09 04:54:42 · 4 answers · asked by Calchas 3

" The worlds poorest countries cannot find anything to export. t-certainly not capitaThere is no resource that is abundanl nor land, and in small poor nations not even labor is abundant."

2007-07-08 18:12:44 · 2 answers · asked by bhoj p 1

2007-07-08 15:00:25 · 6 answers · asked by angel_rat_83 1

acre for acre, which land in your city is the most valuable (economically speaking)? what is on that parcel that makes it so valuable?

2007-07-08 08:10:39 · 2 answers · asked by patzky99 6

How can we continue to grow our production and consumption of goods when there are over 6 billion of us living in a finite space with finite resources?

Will the marketplace find its own solution automatically or do us humans have to intervene and change our ingrained business habits?

2007-07-08 04:56:14 · 3 answers · asked by megalomaniac 7

In terms of "standard of living", recreaction and politics.

2007-07-08 03:49:45 · 3 answers · asked by Nathan V 1

Everytime someone makes money, someone else loses money- does that mean that, when some people are very rich, others will necessarily be very poor?

2007-07-08 01:30:07 · 27 answers · asked by Buzzard 7

In any democracy, power should fall in the hands of franchised citizens,. This notion is based on the fundamental principle that ,when citizens are informed and educated, they are capable of voting to fulfill their own interests. Who better to represent the interests of the people than the people themselves? Still, ideals are great, but the ineludible reality of what America is today arouses questions that instigate doubt as to whether this principle can function in practice. Although in a democracy, suffrage is theoretically converted into power, power in it's final conversion is wealth. So can democracy truly function in a country where 1% of its population holds 33.4% of all privately held wealth? In a world where 1% percent of the global population owns 80% of the world's wealth? And how can people be manipulated into voting against their own economic interests?

2007-07-07 17:56:21 · 4 answers · asked by Ian K 1

It seems that, w/ Kuwait & Iraq possibly excludible, OPEC now has less margin to play with in decreasing total production; most members won't reduce production below a certain ceiling, or else imperil their "minimum projected income" despite increased prices. In case of OPEC supply reduction, can't producers like Britain, Ireland, Norway, Canada, Alaska & perhaps even Russia get together as a counter-consortium to take up the slack (if Iraq & Kuwait are removed from equation) ?

2007-07-07 16:38:51 · 3 answers · asked by john-evan 1

1.aggregate demand can never create enough job vacancies.

2.there will always be discouraged workers.

3.some portion of the labor force will always be between jobs.

4.there are some people who do not want to work.

2007-07-07 06:50:08 · 12 answers · asked by wencar29 1

2. If the Federal Reserve is going to adjust all of these tools during an economy that is growing too quickly, what changes would they make?
3. If the Federal Reserve is going to adjust all of these tools during an economic recession, what changes would they make?
4. What changes, if any, to the current condition of these tools would you make at the next meeting of the Federal Reserve? Explain why and the benefits/drawbacks of this strategy.

2007-07-07 05:52:32 · 2 answers · asked by rjj 1

If so were they hoarded and melted down and sold again for a profit?

2007-07-07 04:26:02 · 10 answers · asked by shane c 2

its tru we are dying but at the same time people are also saving so wut do you think?

2007-07-06 22:28:50 · 8 answers · asked by Izzy=} 1

2007-07-06 20:28:49 · 5 answers · asked by Anonymous

what do you know about the oil industries and or the history and or the future of oil , the secrets of the oil industries....

2007-07-06 19:22:41 · 3 answers · asked by tuff*titty 4

2007-07-05 23:49:40 · 1 answers · asked by eldude 5

Gold was confiscated from every american citizen in the 1930's under the guise of getting the impoverished people out of the great depression. Since we are no longer on the gold standard since 1971, why is all that gold still supposedly sitting in Fort Knox? What do they need it for anymore? Shouldn't it have been redistributed to the citizens when we moved to a Fiat currency? Thanks!

2007-07-05 18:27:15 · 9 answers · asked by nullvalu 2

(the labor supply is varying with respect to the tax rate)

2007-07-05 14:58:14 · 2 answers · asked by Anonymous

2007-07-05 12:40:44 · 19 answers · asked by Gypsy Gal 6

It's been my observation that the less regulated a capitalist economy, the more it tends to concentrate more and more wealth into fewer and fewer hands. If you picture some kind of enterprise that results in a net gain for someone, then picture this person investing his profit in another enterprise it would seem to me that capital is being concentrated. This scenario being repeated and repeated, the result can only be the establishment of an aristocracy and a proletariat. Of course, it won't be a a straight line, in some cases the business will fail and the investors capital will be scattered. But it will then start collecting again. It seems analogous to the concept of entropy increase. Doesn't this seem to argue for some sort of redistribution of wealth?
I suppose I'd better point out that I am well aware of the fact that a profit motive is important. If a business fails, then the employees have lost a job. But the investor has lost perhaps his "job" plus X dollars. (p

2007-07-05 05:47:28 · 6 answers · asked by Robert K 5

2007-07-05 03:31:59 · 12 answers · asked by surbhidiplomat 3

advantage of centrally planned economy

2007-07-04 21:44:53 · 3 answers · asked by thana 1

How does the interaction of the demand for and supply of a commodity determine the market price of the commodity and the equilibrium quantity of the quantity of the commodity that is produced and consumed?

2007-07-04 11:54:14 · 4 answers · asked by sis79 2