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Suppose you were a store manager and wanted to increase total revenue for the store by lowering the price of a good. What type of elasticity would have to exist in order for you to be successful? 2. The tax on gasoline is almost entirely paid by the consumer. Why is this the case?
Suppose we observe that as a firm decreases its price its total revenue decreases. Which of the following is a possible value of its price elasticity of demand. Which of the following will not cause a decrease in the demand for apples.
In a one-shot game, if you advertise and your rival advertises, you will each earn $5 million in profits. If neither of you advertise, your rival will make $4 million and you will make $2 million.
How much will each firm produce and what is the shut-down price for the firm - What is the largest quantity the firm can produce where the cost minimizing choice is to produce everything with production process 1?
Consider an economy that abides by the classical mode. The production function is unspecified, but we know that the Theory of Distribution (ToD)[W/P=MPN] holds. Suppose there is adrop in the level of capital.
Using the information from the completed table and the graph to identify the three stages of production and explain why the firm's short run production has only one 'rational' stage of production
Explain what the new equilibrium point means in terms of GDP and the price level. Based on your understanding of the current health of the economy, was this program successful? Why do you say this?
What is your price elasticity of demand for gasoline and why How important is fuel efficiency to you (particularly if you have purchased a car in the past three or four years) Do your driving habits change as the price of gasoline changes
What happens to the level of output and the price level in the short run and in the long run c. According to Okun's law, what happens to unemployment in the short run and in the long run d. What happens to the real interest rate in the short run and ..
Economics is profitable for a firm to continue employing additional resources?
You are the manager of a perfectly competitive firm selling a product. Your business is making a loss because total revenue is less than total costs. What would you do--shut down or continue to operate.
The company estimates the probability of no damage to be 0.60, the probability of damage between $0 and $10,000 to be 0.25. what should be the price of the policy.
1. Why do you suppose that firms in Artic nations are already developing specialized tanker ships and platforms for use in privately accessible Artic areas 2. What are possible opportunity cost of opening Artic lands to private extracti..
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