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1. Suppose you attend a meeting at work to discuss whether to change the price of your product. You think demand is elastic, but a colleague thinks it is inelastic. Does it matter whether demand is elastic or not? Explain. Is it possible that you are both right? Explain.
2. In a meeting about whether to store inventory in a company-owned warehouse or rent a warehouse, a colleague says, "We should use our own warehouse and save the cost of renting one." Do you agree or disagree? Explain.
3. Explain what causes economies of scale. Can economies of scale and diminishing marginal returns apply to the same firm? Explain.
4. State the law of diminishing marginal utility. What does this law have to do with explaining consumer behavior? What is consumer surplus? How is consumer surplus related to the law of diminishing marginal utility?
5. Explain why demand is more elastic in the long run than in the short run.
medical schools and hospitals are heavily involved in the training of new physicians. after prospective new physicians
Alexa likes ice cream, but dislikes yogurt. if you make her eat another gram of yogurt, she always requires two extra grams of ice cream to maintain a constant level of satisfaction. on a graph with grams of yogurt on the vertical axis.
If each vendor sells exactly 100 hot dogs a day and the demand for hot dogs from vendors in the city is Q = 4400-1200P, how many vendors are there?
IBM Company has a reputation for not necessarily making new technology, but acquiring relatively new firms with innovations and successful technology.
the forecasting staff for the pizzer corporation has developed a model to predict sales of its air-cushioned ride
What is the long-run equilibrium market price and quantity and what is the long-run number of firms in the industry? How much does each produce? What are their profits?
Is your explanation consistent with the fact that franchised tutoring services often charge a fixed royalty per student enrolled?
1. nbspfor each of the following transactions identify whether or not it would be included in gdpnbspa. an accountant
the economy consists of a single individual who represents a large number of homogenous individuals. this
analyze the determinants of the price elasticity of demand and determine if each of the following productsnbsp are
The owner-manager of Good Guys Enterprises obtains utility from income and from having the firms behave in a socially conscious manner such as making charitable contributions or civic expenditures.
Five annual deposits in the amounts of ($1,200, $1,000, $800, $600, and $400) are made into a fund that pays interest at a rate of 9% compounded annually.
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