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If the price of X drops from $1 to 80 cents, and the quantity rises from 2,000 pounds purchased to 3,000 pounds purchased what can we say about the relationship between total revenue from the sale of X and the value of the price elasticity od demand? Suppose that the demand for x rises from 2,000 pounds to 2,100 pounds after the price drop. What can we say about the change in total revenue from the sale of X and the price elasticity of demand in that case?
In general what is the relationship between the change in total revenue from the sale of a product and the value of the price elasticity of demand?
Suppose someone is caught committing a crime. Suppose the judge can either given the criminal a fine or a jail sentence. The criminal is indifferent between the two punishments. Does each punishment have the same opportunity cost to society?
Chrysler announced a new incentive program on its minivans that included subsidized interest rates also cash allowances.
The Electrotech Corporation manufactures two industrial-sized electrical devices: generators and alternators. Both of these products require wiring and testing during the assembly process. There are 260 hours of wiring time and 140 hours of testing t..
A consumer is deciding how many cups of coffee and how many bus tickets to purchase. The price of a bus ticket is $1.50 and the price of a cup of coffee is $2. The following table describes the total utility derived from the two goods. Calculate the ..
The demand curve for chicken biscuits is estimated to be: Ln (Q xd) = 100 - .75 ln (Px) - 4 n (Py) + 1.5 ln (M) Where x represents chicken biscuits, y represents chocolate milk and M represents income. If income drops by 2%, holding constant the pric..
A local restaurateur whose trade had been profitable for many years recently purchased a liquor license, giving her a legal right to sell beer.
Identify at least four key points of a relevant economic article from either the Strayer Library or a newspaper. The article must deal with any course concepts covered in Weeks 1-8.
Here are four individuals telling you their stories of how they became unemployed. In a multi-paragraph essay, apply the theories of unemployment to explain the type of unemployment that each of these individuals is facing and explains which of these..
Elucidate how it is possible that we have "sustainable development" (as it is defined in text book) in a world in which minerals, oil and or non-renewable resources are being depleted.
Total surplus in a market does not change when the government imposes a tax on that market because the loss of consumer surplus and producer surplus is equal to the gain of government revenue. The Laffer curve is the curve showing how tax revenue var..
Explain why a person starting up a small business probably stands a better chance of raising money by applying for a bank loan than by issuing bonds. Banks now control only about half as much of the total financial intermediary assets as they did abo..
Using the current specifications, a new road will cost $1.5M initially, need $120K in annual maintenance, and need to be resurfaced every 10 years for $1.1M. If the highway department's interest rate is 6%, which specification is preferred?
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