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This analysis assessment has three parts. While responding to each part, make sure that you show the formula prior to your complete calculation. Listing only the final answer will not earn credit. Part I. Using the midpoint method, calculate and interpret the price elasticity of demand for the following situation: When the price of oranges increases from $1.00 per pound to $1.50 per pound, quantity demanded falls from 500 pounds to 400 pounds. Calculate the price elasticity of demand. Is the demand for oranges price elastic, inelastic, or unit elastic? Explain. Calculate total revenue before and after the price change. How does that relate to the elasticity interpretation? Part II. Given the following information, calculate the income elasticity of demand using the midpoint formula. Nancy's income increases from $20,000 to $30,000 and her consumption of spaghetti changes from 10 pounds per month to 2 pounds per month. Calculate the income elasticity of demand. Interpret the result. Part III. Given the following information, calculate the cross-price elasticity of demand. The quantity of Pepsi purchased rises by 15% when the price of Coca-Cola rises by 30%. Calculate the cross-price elasticity. Interpret the result. Submission Requirements:
HoosierMaker expects to garner revenue of $9.5 million each year and spend $1.3 million a year in costs, over the next 7 years. What is the future worth of this investment if the companies' rate of return is 16% per year?
determine the environmental variable most likely to affect the short-run production over the next 12 months. Determine what managers can do to prepare for the possible change in short-run production. Pick a real or fictitious business.
What role does rational self-interest play in economic analysis?
We can see that aid to Africa has increased significantly over the last 40 years and that incomes in Africa have stagnated. Explain why these two facts do not constitute proof that aid is not effective in increasing incomes in Africa.
q1. visualize you are a manager for good or service used. from results of the deterioration equation recommend
Illustrate output quota q1 would the typical firm have to be limited. Explain how much would it like to produce.
Resizing them as necessary, to illustrate your analysis. In each case, Illustrate what are the short-run and long-run effects on the aggregate price level and aggregate output.
Lets assume that we admitted more students this semester (1200) than last (1100) and because of it there is a shortage of “B” parking spaces. Students also complain about the parking permit price ($100).
Sally quit her job as a CFO where she was earning $50,000 per year to start her own financial consulting firm. She converts a building that she owns, which was previously rented for $12,000 per year, into an office.
Say you are the manager of a perfectly competitive firm selling a product. Your business is making a loss because total revenue is less than total costs.
Draw a graph for an individual with a strictly concave expected-utility function, who has wealth y and faces the possibility of a loss L which occurs with probability p. Show expected wealth, expected utility, certainty equivalent and risk premium. L..
Indicate whether each of the following statements is true or false. Explain why. a. When the law of diminishing returns takes effect, a firm’s average product will start to decrease
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