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Suppose the demand for beer is characterized by the following elasticities: • Own price elasticity = -2.5 • Cross-price elasticity with soda = +3 • Income elasticity = +2 Based on the given elasticities, answer the following. Explain your answers.
a. If a firm in the industry wishes to increase total sales revenue (ignoring cost considerations), will it raise or lower its selling price? Why?
b. What happens to the demand for beer if the price of soda falls by 2%? Explain your answer.
c. What happens to the demand for beer if consumer income rises by 5%? Be specific.
d. Is beer a normal or inferior good? Explain.
Compare and contrast these three techniques: describe each and explain its strengths and weaknesses. If one method addresses a weakness in another method, explain.
Assume Bill and Hillary notice prices are higher in high rent districts. Bill says it's because high rents cause high prices. Hillary says it's because high prices cause high rents. How do I explain who is right and why.
The purpose of this milestone is for students to begin their firm analysis from a microeconomic perspective, applying concepts learned in Modules One, Two, and Three. Specifically, students will examine the supply and demand conditions for the goo..
Update the Microsoft Project file you created in Assignment: VoIP Part 2 (Work Breakdown Structure) with the following changes: Set property values to denote progress in at least fifteen (15) of the line items.
Compute the employment rate and the level of productivity for each year and for each five-year period, compute the percentage change in the labour force, the employment rate and the level of productivity
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A local lending institution advertises the “51-50 Club.” A person may borrow $2000 and repay $51 for the next 50 months, beginning 30 days after receiving the money. Compute the nominal annual interest rate for this loan.
Suppose that people expect inflation to equal 3 percent, but in fact, prices rise by 5 percent. Describe how this unexpectedly high inflation rate would help or hurt the following:
Is limitless growth really possible. What forces do you think will be most important in slowing or halting economic growth.
Suppose there are two risky assets, D and E. D has an expected return of 6% and standard deviation of 15%. E has expected return of 9% and standard deviation 25%. The correlation between the two assets is 0.2. The risk-free rate is 1%. a. Find..
When you compare a monopoly market to a perfectly competitive market, what does the monopoly market usually generates?
Mia is the only seller of baskets to the people in this village. They purchase baskets according to the blue demand curve. Let's examine the sales revenue (which equals price times quantity) Mia would receive if she were to set the price somewhere..
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