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Suppose a firm has the following demand equation: Qd = 1,000 – 3000 P + 10A Where QD = quantity demanded P = price (in dollars) A = advertising expenditure (in dollars) Assume P = $3.00 and A = $2,000 a. Suppose the firm dropped the price to $2.50. Would this be beneficial? Explain. Illustrate your answer with the use of a demand curve. (You can also use elasticity concept) b. Suppose the firm raised the price to $4.00 while increasing its advertising expenditure by $100. Would this be beneficial? Explain. (Hint: First construct the curve assuming A = $2,000. Then construct a new curve assuming A = $2,100)
Illustrate what is an opportunity cost. Elucidate how does the idea relate to the definition of economics.
why Marx calls it an ‘absurd tautology' that value of labour is determined by that labour. How can a tautology be absurd.
Suppose a consumer is at an optimum, consuming 6 hamburgers a week at a price of $1.50 each and 10 donuts a week at 50 cents a donut.
The inverse demand for this product is P = 100?Q, where P is price and Q is aggregate output. The production costs for firms 1, 2, and 3 are identical and given by C(qi)= 20qi (i= 1,2,3), where qi is the output of firm i.
Consider the case in which 100 adults each own an antique stamp, purchased for $1 each in 1972, and these individuals value the stamp. Each owner values the stamp differently, between $1 and $100
If two (or more) countries are shown to have the same (total) quantity of emissions, does this mean that they are equally close to the efficient level of emissions for each one?
The Newport Beach Sanitary Agency is presently shipping its waste to another municipality at an annual cost of $100,000. It is considering building a landfill near the city. Start-up costs for the landfill are $900,000, and there are closing costs of..
Other things equal, what effects would each of the following have on aggregate demand or aggregate supply? In each case use a diagram to show the expected effects of the equilibrium price level and the level of real output.
Suppose an economy uses gold as commodity money. Consider the market for gold with the following Demand for Gold as Money: GD;M = 80 – 1/4*V Demand for Gold for Nonmonetary use: GD;NM = 15 – 1/4*V Supply of gold: GS = 35 + 1/2*V where V is the price ..
According to the Green Party of Canada: “Eliminating poverty will pay for itself in reduced crime rates. Failure to eliminate poverty will cost our society far more than an effective program to make poverty history in Canada.” Now use the supply-dema..
During hard times what should be done to encourage people to spend more so as to rise aggregate demand and invariably, create employment possibilities.
The December 31, 2013, balance sheet of Schism, Inc., showed long-term debt of $1,440,000, $148,000 in the common stock account and $2,730,000 in the additional paid-in surplus account. What was the firm’s cash flow to stockholders during 2014? What ..
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