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Without actually calculating the elasticity of demand, as an estimation, is the demand for McCain french fries elastic or inelastic? Why, using theoretical reasoning.
Supppose that a farm's production function is determined by two factors: land area (K) and labour (L). The
production function is specified as follows:
Q = 64K^0.5 L^0.5
The farm's land area is 500 acres
The unit cost of capital and labour is as follows:
- land $10 per acre
- labour $500 per labour

What is Q when L is 1,2,3,4 and 5?
. Two firms, VolgaBus and GMB, are competing to sell 100 buses to MetroTravel, a city-owned bus company. They each submit a sealed bid to get the contract, with the contract going to the lowest bid. Each firm has the option of submitting a low-price bid of $15 000 per bus, or a high-price bid of $20 000 per bus. In the event of a tie, the city will buy 50 buses from each firm. a. Draw a payoff matrix for this simultaneous game. (4 marks) b. Based on your matrix from part a., what will the Nash equilibrium be? Explain in detail how you arrived at your answer. (4 marks)
The production function for superlite sailboats, Inc., is Q=20K^0.5 L^0.5 with marginal product functions MPk=10*L^0.5/K^0.5 and MPL=10*L^0.5/K^0.5.
a. If the price of capital is $5 per unit,determine the expansion path for the firm.
b. The firm currently is producing 200 units of output per period using
input rates of L=4 and K=25. Is this an efficient input combination? Why or why not? If no, determine the efficient input combination for producing an output rate of 200. what is the capital-labor ratio?
c. If the price of labor increases from $4 to $8 per unit, determine the efficient input combination for an output rate of 200. What is the capital labor ratio now? What input substitution has the firm made?
Suppose a monopoly can produce any level of output it wishes at a constant marginal and average cost of $5 per unit. Assume the monopoly sells its good in two separate markets. The demand curve of the first market is q1= 55-p1 and the demand curve of the second market is q2= 70-2p2
Consider the continuous decline in oil price that has hit most of the oil producing economy across the globe, and members of Organization of Petroleum Exporting Countries (OPEC) will be having their meeting by 15th December 2016. As an economic expert, kindly advice OPEC on what needs to be done in order to reverse the continuous decrease in oil price (Note: Support your answer with the required graph)?
A certain market for commodity x contains 1,000 identical consumers, each having a demand function given as: Qdx=12-2px
The market contains 100 identical producers of commodity x, each with a supply function given by Qsx=20px
Qdx is the quantity demanded of x
Qsx is the quantity supplied of x
Px is the price of x

Required:
1. the market demand and market supply functions of commodity x
Consider the continuous decline in oil price that has hit most of the oil producing economy across the globe, and members of Organization of Petroleum Exporting Countries (OPEC) will be having their meeting by 15th December 2016. As an economic expert, kindly advice OPEC on what needs to be done in order to reverse the continuous decrease in oil price (Note: Support your answer with the required graph)?
Consider the continuous decline in oil price that has hit most of the oil producing economy across the globe, and members of Organization of Petroleum Exporting Countries (OPEC) will be having their meeting by 15th December 2016. As an economic expert, kindly advice OPEC on what needs to be done in order to reverse the continuous decrease in oil price (Note: Support your answer with the required graph)?
In a particular town there are 100 cars and 50 motorcycles. Each car owner has a
demand curve for petrol given by: Qdc = 20 – 5p for p ≤ 4 and Qdc = 0 for p > 4. Each
motorcycle owner has the following demand function for petrol: Qdm = 15 – 3p for p ≤ 5
and Qdm = 0 for p > 5. Prices are expressed as £ per gallon, and quantities as gallons per
week.
a. If the price is £3, now many gallons of petrol per week are bought by (i) each car
owner and (ii) each motorcycle owner?
b. Sketch the market demand curve for petrol (that is, the combined demand from
car and motorcycle owners).
c. Write an algebraic expression for the market demand function.