Suppose that the elasticity of demand for BMW cars equals -2 in Germany and equals -3 in the U.K.. The marginal cost of producing BMW cars is $20,000. What price would BMW set in Germany vs. the U.K?

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A: Answer is given below

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Q: Economics Part 1 O See Hint A firm produces output () using two inputs, labor (L) and capital (K),…

A: Given; Production function; y=f(L,K)=L0.25K0.75 where; K= 60 L= 120

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A:

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Q: Suppose an avocado farm has​ cost: C = 0.002q3 + 22q + 750   ​(where q is measured in bushels​).…

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A: Answer -   GDP :- GDP is the total products and services produced in a country in a year

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A: Part (a), (b), and (c) are correctly answered. The only addition is to be made in part (b).