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When McDonald's corp. reduced the price of its big mac by 75% if customers also purchased french fries and a soft drink. The Wall Street Journal reported that the company was hoping the novel promotion would revive U.S sales growth. It didn't. Within 2 weeks sales had fallen. Using your knowledge of game theory , what do you think disrupted McDonald's plan?
In the short run, a firm operating in a competitive industry will shut down if price is less than average total cost, less than average variable cost.
Explain how a +0.5% adjustment in domestic interest rates would affect international investment flows. Determine if such a change would have a bigger impact on larger or smaller countries.
Outline a micro-economic reform issue that is relevant to the Australian economy market and how successful do you think these reform measures were and say why referring to some data or research that has been performed.
During the recession in the early 1990s, retailers observed that consumers were spending a lot more time searching for good bargains than ever before, which led the retailers to lower prices.
If you had a business exporting goods to Britain, and U.S. inflation fell as discussed above in this example, would you plan to expand production or cut back? Why?
Some commentators have argued that the failure of the “Super committee” is good thing for the economy? Do you agree?
d) Which input bundle represents efficient production of 100 units of output if the rental paid to capital is $25 and he wage paid to labor is $50? Round any decimals to the nearest hundredth. e) Derive the firm's cost function using the rental and..
On Valentines Day, the prices of flowers and chocolate are usually high compared to other times. How do the principles of demand and supply describe the reasoning behind such price increases?
Firm A is the sole supplier of a certain product. A's marginal cost equals average cost MC = AC = 30, and it faces market demand given by inverse demand function P = 120 0:5Q. Suppose at the moment A produces quantity q = 120 units at price p = ..
Suppose the price of product B increases to 3. What happens to quantity demanded of both products?b. Calculate the arc cross-elasticity between product A and product B using prices for product B of 2 and 3. c. Are these goods substitutes or complemen..
In the 1960s and 1970s, research funding by the U.S. government and some universities led to revolutionary advances in network computing. These advances in communication and network technology remained largely isolated to governmental and academic..
The price of Labor (L) is $50 for each unit and the price of capital (C) is $20 per unit. How much labor and capital should Joy employ to produce 100,000 units? Find out the total cost of production?
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