Purchase Solution

# Econometrics

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1. Given
Equilibrium
Price of A = \$20
Price of B = \$80
What is the Marginal Utility of product A divided by the Marginal Utility of product B?

2. Given: Total Revenue = \$3000
Quantity Sold = 50
Quantity Produced = 75
What was the price?

3. Given: At \$20 a hat 100 hats were sold.
At \$21 a hat 95 hats were sold.
What is the elasticity of demand (using midpoint formula)?

4. Given: Total Cost = \$1000
Average Variable Cost = \$10
Quantity Produced = 50
What is the Total Fixed Cost?

5. Given
The cross elasticity of demand between hotdogs and hamburger price = 0.5
What will be the percent change in hotdog sales if the price of hamburgers goes up by 10%?

##### Solution Summary

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