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Assume the absolute value of the price elasticity of demand for Nike shoes is 1.5. If the company decreases the price of each pair of shoes, total revenue will:
A. Increase because more shoes will be sold
B. Decrease because the company will be receiving less revenue per pair of shoes
C. Increase because the percentage increase in the number sold is greater than the percentage decrease in the price
D. Impossible to predict because we do not know the percentage change in price
Find the firm's optimal quantity, price, and profit (1) by using the profit and marginal profit equations and (2) by setting MR equal to MC. Also provide a graph of MR and MC.
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you are the oil minister of one of 5 key opec countries. the world demand for oil can be reduced to q 100 - p and
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The sum of coefficient are 0 using STATA program?
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A leverage value is considered to be large if it is substantially greater than
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Consider a monopolistically competitive market with N firms. The following equations describe the demand, marginal revenue and cost for each firm.
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