Author: Anonymous

Potentially Useful Formulas: 1. Price elasticity of demand: εp,q = (ΔQ/ΔP)(P/Q) 2. Income elasticity of demand : εi,q = (ΔQ/ΔI)(I/Q) 3. Profit maximization for a competitive firm: choose Q such that P = MC (MC: Marginal Cost) 4. Profit maximization more generally: choose Q such that MR(Q) = MC(Q) 5. Total costs = Fixed Costs + Variable costs (TC = FC + VC) 6. AC = TC/Q (AC: Average Cost, TC: Total Cost) 7. Pricing rule of thumb: (P-MC)/P = -1/ εp,q (Where P=Price, Q=Quantity, I=Income, MC=Marginal Cost, MR=Marginal Revenue, TC=Total Cost, FC=Fixed Cost, VC=Variable Cost, AC=Average Cost, εp,q​=Price Elasticity of Demand, εi,q=Income Elasticity of Demand)

Economists have estimated that in the United States, the short-run demand curve for gasoline is given by Q=1.65−0.05P, where Q is quantity demanded (e.g., in millions of gallons per day) and P is the price per gallon. a) Calculate the short-run price elasticity of demand for gasoline at the current price of P=$3 per gallon. Provide a precise interpretation of this elasticity value. b) Economists estimate the long-run price elasticity of demand for gasoline in the United States to be approximately εp,q=−0.91. Briefly explain the economic reasons why the long-run price elasticity differs from the short-run elasticity you calculated in part (a).

Which defect is shown in the picture?                                                                                                                                                                                                                                             

What is the proportion of a sample of male and female that will have a height between 60-75 inches? Report your answer in decimal notation using 2 significant figures

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