Consider the statement: “When the British government tripled university fees for foreign students in Great Britain, about one-half of them left to study in other countries.” The implied price elasticity of demand by foreigners for a British education is (in absolute value)

A Blue Ribbon Committee has decided that acid rain should be reduced and is trying to determine the optimal level of reduction. There are benefits from reducing acid rain (more wildlife and forests, better health, etc.), but there are also costs. The committee estimates that the marginal benefit of each unit of reduction is $700 − 5R, where R is units of reduction, and the marginal cost is 2R. If the committee wants to maximize the net benefit from reducing acid rain, what is the optimal level of pollution reduction?

To answer the question, refer to the following table showing a demand schedule: A table shows the demand prices for elasticity. Price Quantity demanded $200 1,000 150 1,400 100 1,800 If price falls from $150 to $100, what is the elasticity of demand over this range?

Refer to the graph in Question 54. Write the equation for the marginal revenue curve. (Please show all steps in arriving at the answer. The final answer is not enouh)

E1 is demand elasticity for Minute Maid orange juice, E2 is demand elasticity for all orange juice, and E3 is demand elasticity for all fruit drinks. Then

The manager of the customer service department at a bank can hire employees with a high school degree (HS) who earn $20,000 annually or employees with a bachelor’s degree (B) who earn $40,000. The manager wants to maximize the number of customers served given a fixed payroll. A table shows the worker and the number of additional customers served. Worker Number of Additional Customers Served High School Degree Bachelor’s Degree 80 90 60 80 50 60 40 40 35 35 30 25 Given the information in the table, if the manager has a payroll of $160,000, how should the budget be allocated in order to maximize the number of customers served?

In the figure above, what is the point price elasticity of demand when price is $80?

Refer to the graph in Question 54. Write the equation for the demand curve. (Please show all steps in arriving at the answer. The final answer is not enouh)

Which of the following would tend to increase the elasticity of demand for good X?

Refer to the graph in Question 54. Write the equation for the total revenue curve. (Please show all steps in arriving at the answer. The final answer is not enouh)