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All the information relates to long term market adjustments.
(a) Using the concept of cross price elasticity of demand, does your firm have market power in respect to Lemon Heaven Soda? Why or why not?
(b) Explain the relationship between Cola Magic and Lemon Heaven Soda.
(c) Explain what affect a 10% increase in the income of the targetmarket would be on the demand for the Cola Magic?
(d) Your firm's accountant argues that because the demand for the Cola Magic is price elastic, the firm should drop its price. Briefly discuss this recommendation indicating if you would support this recommendation or not. What other factor(s) would have to be taken into account when giving your recommendation to management.
You're an entrepreneur and you've opened a restaurant in a nice area of town. Describe at least two long run decisions which you require to make about the business.
For each of the following transactions, identify whether or not it would be included in GDP: What is Metrica's GNP? Is it higher or lower than its GDP?
Firms can shift their marginal cost curves to the right, resulting in higher outputs at the same or lower maximum-profit prices. This can be done by
What is an optimum currency area. What are the potential gains and the potential losses when countries adopt a common currency In terms of a country reacting to economic shocks, what conditions would be desirable in labor markets.
Consider a long-term debt you currently own (e.g., a mortgage or student loan) and discuss how you would take present value into account when deciding whether you should retire that debt ahead of schedule. Explain your rationale.
Why is there a social cost to monopoly power? If the gains to producers from monopoly power could be redistributed to consumers, would the social cost of monopoly power be eliminated? Explain briefly.
Describe and discuss; Use the concepts of economies and diseconomies of scale to describe a firm's long run Average Total Cost Curve.
In March 2004, Ireland was the first country in the world to introduce an outright ban on smoking in workplaces. In the analyses below, when drawing your diagrams assume that workers can choose among only two products to consume at work, namely tobac..
why Banks are exposed to interest rate risk primarily. what does the Federal funds market involves.
As Rob consumes more dates over the course of a day, it is likely that his marginal utility from date consumption will rise." Is the previous statement likely correct or incorrect?
Discuss the main factors (supply and demand) affecting the current price of gasoline. Include at least two supply and two demand.
problem 1nbsp consider a linear model to explain monthly beer consumptionwrite the transformed equation that has a
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