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You are the manager of a firm that receives revenues of $175,000 per year from product X and $50,000 per year from product Y . Both products have similar production costs. The own price elasticity of demand for product X is -1.5, and the cross-price elasticity of demand between product Y and X is 1.6. The end of the quarter is approaching and your boss is feeling pressured to increase the firm’s revenues. To that end, he suggests a 2 percent price increase to product X, since that is the most successful product in the firm.
a. Are products X and Y substitutes? Complements?
b. Do you think your boss’ suggestion will have the desired effect?
You are scheduled to receive annual payments of $9,900 for each of the next 25 years. Your discount rate is 9 percent. What is the difference in the present value if you receive these payments at the beginning of each year rather than at the end of e..
Briefly discuss China’s journey on its economic achievement from pre-independent until today.
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Consider both sides of the argument and come to a decision of whether to close the plant or continue to operate it. How would you explain to either the president or the CEO that he or she is wrong?
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By how much might the quantity of labor supplied decrease if the tax elasticity of supply were 0.20 and the marginal tax rate increased from 35 to 39 percent?
Name and discuss the four major theories that address the term structure of interest rates. In your discussion, indicate the strengths and weaknesses of each of the theories and which theory or theories appear to be the best accepted as explanations ..
What is the maximum it would be reasonable for the owner of a building to pay for a new sprinkler system if it would save $785 per year in insurance premiums. The owner's cost of money is 7.00%/yr. Assume the system would have a life of 20 yrs and a ..
In 1990, the GDP of Canada was $680 Billion dollars, and the exchange rate was that $1 Canadian was worth 85 U.S. cents. In 2000, the GDP of Canada was $1000 billion as measured in Canadian dollars and the exchange rate was that $1 Canadian was worth..
Perfectly competitive factor and output markets are similar in that when both are present both generate:
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