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A newspaper recently lowered its price from $0.50 to $0.30. As it did, the number of newspapers it sold increased from 240,000 to 280,000 (4 points) a) What was the price elasticity of demand for this newspaper (Arc/ mid-point formula)? b) What was the degree of elasticity for the newspaper? c) A 1% change in the price of the newspaper led to a change in quantity demanded of ______? d) What happened to the newspaper’s total revenue as it dropped its price?
indicates that the short run price elasticity of demand for tires is 0.9. if a tire store raise the price of a tire from $50 to $60, elucidate by what percentage should it expect the quantity of tires sold to change.
What are the key points in a short-run production function that delineate the three stages of production? Explain the relationship between the law of diminishing returns and the three stages of production.
If there is an autonomous increase in spending (a rightward shift in the aggregate demand curve) and the Fed wishes to hold real income constant, then the Fed would:
An automobile plant is capable of manufacturing 40 sport utility vechicles in 24 hours. this details the manufacturing plant's
q. in recent years many plants have closed forcing thousands of employees out of their jobs as well as into new ones.
Suppose you own a house in Mobile, AL. Your house is currently worth $200,000. Suppose there is a 5% chance that a food destroys your house, in which case it will be worth $0. You have $50,000 in your bank account.
The recurrent ups and downs in the level of economic activity extending over several years are referred to as business cycles. What are the phases of this cycle and describe what occurs in each phase?
A large automobile manufacturing company is considering the installation of a high-tech handling system. The initial cost of the system is $30,000,000 and it is estimated it will save $7,500,000 per year in manual labor, and will incur $2,750,000 in ..
Discuss why the monopolist chooses a level of output that creates deadweight loss, and whether the level of output is equilibrium. Include an illustration of your numerical example, and refer to it throughout your discussion.
Should policymakers use monetary and fiscal policy to minimize fluctuations in aggregate levels of economic activity. Evaluate pros and cons of active.
What do you think of Coca-Cola's environmental initiatives? Are they just window dressing , or does the company seem to be sincere in its efforts?
Suppose the club did NOT charge a membership fee: explain how much money would the family spend on food? How much food would the family buy?
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