04 Jun Question 19-2 Table 19-2 on page 424 indicates that the s
Question
19-2
Table 19-2 on page 424 indicates that the short-run price elasticity of demand for tires is 0.9.If an increase in the price of petroleum (used in producing tires) causes the market prices of tires to rise from $50 to $60, by what percentage would you expect the quantity of tires demanded to change?
19-4 The monthly price of internet access services decreases from $20 to $10, and the total quantity of monthly account across all internet providers increases from 100,000 to 200,000. What is the price elasticity of demand? Is demand elastic, unit-elastic or inelastic? (see page 417)
19-12 A 5 percent increase in the price of digital apps reduces the amount of tablet devices demanded by 3 percent. What is the cross price elasticity of demand?Are tablet devices and digital apps complements or substitutes? (see page 425).
19-16 An increase in the market price of men’s haircuts, from $15 to $25 per haircut,initially causes a local barbershop to have it employees work overtime to increasethe number of daily haircuts provided from 35 to 45. When the $25 market priceremains unchanged for several weeks and all other things remain equal as well, thebarbershop hires additional employees and provides 65 haircuts per day. What is theshort-run price elasticty of supply? What is the long-run prices elasticity of supply? (See pages 427-428).
22-2 Input of Labor (workers per week) Total Output of Flash Memory Drives 0 0 1 25 2 60 3 85 4 105 5 115 6 120 a. Calculate the average physical product at each quantity of labor. b. b. Calculate the marginal physical product of labor at each quantity of labor.c. c. At what point does marginal product begin to diminish?
22-4During the previous month, a firm produces 250 tablet devices at an average variable cost of $40 and at an averagefixed cost of $10. What were the firm’s total costs during the month? (see page 491.)
22-8A watch manufacturer finds that at 1,000 units of out-put, its marginal costs are below average total costs.If it produces an additional watch, will its average total cost rise, fall or stay the same? (see page 493.)
22-14Suppose that a firm’s only variable input is labor. The firm increases the number of employees from four to five,thereby causing weekly output to rise by two units and total costs to increase from $3,000 per week to $3,300 per week. (See page 492)
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