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The XYZ Co. sells widgets for $10 each. At that price it sells 200 per week. When it reduces its price of a widget to $9, it sells 250 per week. Calculate the price elasticity of demand. Is it elastic, inelastic, or unitary?
In particular, the number of workers is rising slowly, while the number of retirees is rising quickly. Concerned about the future of Social Security, some members of Congress propose a "freeze" on the program.
Illustrate the following situation by using supply and demand curve. a. The federal government "supports" the price of wheat by paying farmers not to plant wheat on some of their land. What will happen to the equilibrium price and the equilibrium ..
International trade is a complex area of study. Effects of policies, currencies, tariffs, trading arrangement, and other variables not only impact a country but a region and the global economy.
Suppose that an innovative way of picking grapes is being used and is much cheaper than doing it manually. Unfortunately, it does not work for berries, which are a substitute for grapes. Explain fully what will happen to the markets for grapes, be..
What is the profit-maximizing price for this firm? On the graph show the area, which area represents the net loss to society resulting from the monopoly power conferred by the patent?
Expalin why might a firm making a large economic profit from its existing product employ a fast-second strategy in relationship to new or improved products.
To compound the above, Peter knows Ben wants this task done as soon as possible, no longer than six months out and accomplished with little to no headlines. Additionally, Melanie LaFave, Governor's lead counsel, is limited in her knowledge of the ..
Explain how the invisible hand fights back when government try to overrule market forces with price controls.
Discuss and explain the current tax treatment of capital gains under personal income tax. Describe why do some economists argue that reduction in rate of taxation and capital gains can actually raise tax revenue collected from such gains?
Larry, Curly and Moe run the only saloon in town. Larry wants to sell as many drinks as possible without losing money. Curly wants the saloon to bring in as much revenue as possible. Moe wants to make the largest possible profits.
Illustrate what do you think are the prospects for reducing global climate-changing emissions. Be sure to address these points.
Examination of the company for which you are currently working (or a company with which you are familiar). Answer the following questions regarding this company.
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