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You are the manager of a firm that receives revenues of $50,000 per year from product X and $100,000 per year from product Y. The own price elasticity of demand for product X is -2, and the cross-price elasticity of demand between product Y and X is 1.4. How much will your firm's total revenues (revenues from both products) change if you increase the price of good X by 1 percent?
In the short run, information about perfectly competitive firm's fixed costs are needed to determine both, the profit maximizing level of output and the amount of profit earned when producing that level of output.
q.1. find the sample correlation coefficient between x and y.2. how would you decide if a simple linear regression
q1. did the economic recession weve experienced recently affect your organization? how could anything youve learned in
The German Consumer Price Index was 121 in 2010, and it was 87 in 1998. If you put aside $8,014 in 1998, then how much would you need in 2010 to buy what you could have bought with the $8,014 in 1998?
Consumers are not able to resell good 1. For p
It is often said that democracies will not go to war with one another. Do you think this is true? So, what impact do economic systems have on world peace? What are some strategic considerations involved in economic relationships with other countries?
Suppose the demand for honey is given by Q=500-4p. Also, suppose there are 80 honey producers in the market. What is the equilibrium price of honey?
Make a prediction regarding opportunities and challenges that an increase in diversity may present in the United States in the next 50 years. Elucidate the reasons for your speculations.
Suppose there are 30 identical hot pretzel stands operating in New York City. Each stand has usual U-shaped average-total-cost curve. Market demand curve for pretzels slopes downward and market for pretzels is in long-run competitive equilibrium.
Assume a one-time decrease in population, possibly caused by an onset of disease or a sudden out-migration.
The gains from general training in human capital tend to go to the: The extra wage that is paid to an individual to attract him/her to a less desirable job is called:
Illustrate what is the equilibrium price. If supply at every price is reduced by five gallons, what will the new equilibrium price be.
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