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John Smith, C.E.O. of A.B.Co. is attempting to estimate the quantity of his product that will be demanded during April. At the current price of $2.00, A.B. Co. is selling 100,000 units per month. Mr. Smith has been informed that on April 1st, Delta Co., a producer of a substitute good, will be decreasing the price of its product by 10%. Given a cross elasticity of 2, answer the following questions.
A) How many units can Smith expect to sell during April?
B) If Mr. Smith wants to maintain his current sales of 100,000 units, to what level should he change his price?
What might be included in the "total cost" of acquiring and watching movie on DVD? What about the "total cost" of seeing a movie at the multiplex?
Although economists speak as if economic growth is necessarily a good thing, many question the sustainability and even morality of ever raising economic growth.
As in the case of oligopoly markets, rivals may select to compete aggressively, non-aggressively or in non-price dimensions.
You are a manager of a large but privately held online retailer that currently uses 17 unskilled workers and 6 semiskilled workers at its warehouse to box and ship the products it sells online.
Suppose two firms 1 and 2 compete in quantities and face a demand curve p = 100 - q. Suppose firm 1 has a constant marginal cost of 10 while firm 2 has a constant marginal cost of 40. Suppose they produce quantities simultaneously. a. Find q..
Illustrate what are the gains and losses for consumers in these types of international production and trading patterns.
Suppose that the car manufacturer allows the car dealer to return all unsold cars at the end of a recessionary year. What is the car dealer's profit in a growth year and in a recession? What is their expected profit?
What phase of business cycle is the US currently in? Explain in detail. Determine the latest GDP of the United State? How has the GDP changed since the 2007?
The Ben Bernanke has said that the Federal Reserve is going to continue its latest round of Quantitative Easing until unemployment falls to 6.5%. How fast will the economy have to grow to bring unemployment down to 6.5% by this ..
Elucidate entity establishes a price ceiling also does it require government sanction for violators
Assume that MPC is 0.8, while the sum of planned investment, government purchases, and net exports is $500 billion. Assume also that the government budget is in balance.
Suppose two nations are considering specializing in either calculators or personal computers. If solely producing calculators, country A can produce 300 and country B can produce 400.
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