The demand function for a new smartphone is given by Q=350−2P, where P is the price in dollars and Q is the quantity demanded. If the price is set at $150, how many units will be sold? (1 point) Find the price elasticity of demand when the price decreases from $150 to $120. (2 points) Is the price elasticity of demand elastic or inelastic? (1 point)

In the competitive market for luxury electric bicycles, there are 600 boutique cycling stores across the U.S., each purchasing at most one unit. Market demand (units) is given by: Qd=2000−8P(subject to the constraint that a maximum of 600 units can be sold, i.e., Qd≤600). Market supply is given by: Qs=−1500+3P Determine the equilibrium price and quantity of luxury electric bicycles sold. (2 points) The government introduces a $500 tax per unit on boutique cycling stores purchasing luxury electric bicycles. (8 points) What is the new equilibrium quantity sold? What price does the buyer pay? What price does the firm receive? Calculate the deadweight loss, if any.

In Peru, domestic demand for steel is given by P=200−Q.  Domestic supply is given by P=40+Q. Find the price and quantity of steel consumed and produced in the domestic country if there is free trade. Steel is available on the world market at Pw=60. Calculate the imports, producer surplus, and consumer surplus. (3 points) Suppose the government imposes an import tariff of $10 per unit. What is the resulting domestic price, domestic production, domestic consumption, imports, consumer surplus, producer surplus, government revenue, and DWL (deadweight loss)? (7 points)

The market demand curve for some homogeneous product is given by P = 500 – Q. A large number of firms, referred to collectively as the “bunch,” can produce the product, each with the following cost structure: TC = 10Q, so that MC = 10. One firm — Turbomax— has the following cost structure: TC = 100 + 5Q, so that its MC = 5.  Turbomax can produce a maximum of 100 units. Find the market equilibrium price and quantity. (3 points) Calculate the profit for a firm in the “bunch.” Explain. (3 points) Calculate the quantity sold by Turbomax as well as its price and its profits, if any. (4 points)

How can using Undo and Redo help you to learn how to use unfamiliar Word features?

Which practices should be avoided when working with fonts?

Tubular reabsorption of ____________ by primary active transport provides energy for reabsorbing most other substances (glucose, amino acids, some ions, vitamins, etc.) in filtrate back into the bloodstream.

The adipose tissue surrounding the kidneys is important because it __________.

Which of the following statements about tubular secretion is correct (TRUE)?

a) What is the purpose of the Nagle Algorithm? b) Explain for what applications you would disable the Nagle Algorithm