Suppose the demand function for a firm’s product is given by lnQxd =7−1.5lnPx +2lnPy −0.5lnM+lnA
Quantity
95

where
Px = $15,
Py = $6,
M = $40,000, and A = $350
(LO1, LO5)
a. Determine the own price elasticity of demand, and state whether demand is elastic,
inelastic, or unitary elastic.
b. Determine the cross-price elasticity of demand between good X and good Y, and
state whether these two goods are substitutes or complements.
c. Determine the income elasticity of demand, and state whether good X is a normal or
inferior good.
d. Determine the own advertising elasticity of demand.

Ryan terlecki organized a new internet company, capuniverse, inc. the company specializes in baseball-type caps with logos printed on them. ryan, who is never without a cap, believes that his target market is college and high school students. you have been hired to record the transactions occurring in the first two weeks of operations. issued 2,900 shares of $0.01 par value common stock to investors for cash at $29 per share. borrowed $68,000 from the bank to provide additional funding to begin operations; the note is due in two years. paid $1,000 for the current month's rent of a warehouse and another $1,000 for next month's rent. paid $1,440 for a one-year fire insurance policy on the warehouse (recorded as a prepaid expense). purchased furniture and fixtures for the warehouse for $16,000, paying $3,200 cash and the rest on account. the amount is due within 30 days. purchased for $2,800 cash the university of pennsylvania, notre dame, the university of texas at austin, and michigan state university baseball caps as inventory to sell online. placed advertisements on google for a total of $340 cash. sold caps totaling $1,900, half of which was charged on account. the cost of the caps sold was $1,100. (hint: make two entries.) made full payment for the furniture and fixtures purchased on account in (e). received $280 from a customer on account.

1) u. s. real gdp is substantially higher today than it was 60 years ago. what does this tell us, and what does it not tell us, about the well-being of u. s. residents? what are the limitations of the gdp as a measure of economic well-being? given the limitations, why is gdp usually regarded as the best single measure of a society’s economic well-being? 2) what is an intermediate good? how does an intermediate good differ from a final good? explain why it is the case that the value of intermediate goods produced and sold during the year is not included directly as part of gdp, but the value of intermediate goods produced and not sold is included directly as part of gdp.

Which career pathways require workers to train at special academies? a. emts and emergency dispatchers b. crossing guards and lifeguards c. police officers and firefighters d. lawyers and judges