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We're looking at the market for cat food. When the price is $10, the quantity sold is 1000 bags. When the price drops 10%, the quantity sold increases 30%. Calculate the price elasticity of demand.
The formula is % change in quantity demanded/% change in price.
Many companies purchase other companies or individual product or brands from other companies to acquire new products. For example, Disney recently agreed to purchase Marvel Entertainment and its portfolio of more than 5,000 characters, such as S..
Explain two different markets where has been a market disequilibrium. That is, there is a shortage or a surplus. Briefly explain the supply and demand curve.
If the demand schedule for Bong's book is Q = 2000-100p, the cost of having the book typeset is $9000, and the marginal cost of printing an extra book is $4, then how he would maximize his profits.
A printer's wage rate is $20, and the price of a printing press is $5,000. The last printer added 20 books to total output, while the last press added 1,000 books to total output.
A $2.50 decrease in the price of the $17 salmon entrée increased sales from 40 to 75 meals per week. Which entree should he choose to put on sale?
If the firm uses a discount rate of 17.5 percent, what is the NPV on this project? what is the NPV of this investment?
Suppose you are in charge of U.S. fiscal policy. The economy is in recession. Based on what you've learned in this chapter, what would you do? Optional: What factors caused the federal budget to turn from a surplus to an expected deficit in 2002?
An industry with twenty companies but the CR = 80 percent is called "high concentration", for a concentration ratio of 80 to 100% is viewed as high concentration.
Why is the demand for water price-inelastic and in those regions where outdoor use of water makes up relatively large portion of total use, the price elasticity is high. Why?
In the 1990s, Pfizer, Inc., developed a new antibiotic called Trovan (trovafloxacin mesylate). Tests showed that in animals Trovan had life-threatening side effects, including joint disease, abnormal cartilage growth, liver damage and a degenerati..
Calculate the following measures of farm performance and state what they mean (i.e. meaning: return to management for their own and the bank's capital investment):
Does it appear that widgets would be a luxury good or necessity IF they sol at the perfectly competitive equilibrium (which they don't), and why?
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