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Question 1: The ECON3305 company was considering a price increase and wished to determine the price elasticity of demand (arc elasticity of demand). An economist and a market researcher, Sandy and you, were hired to study demand. In a controlled experiment, it was determined that at 8 cents, 100 pencils were sold while at 10 cents, 60 pencils were sold, yielding an elasticity of 2.25. However, Sandy and you were industrial spies, employed by the EF Pencil Co. and sent to ECON3305 to cause as much trouble as possible. So Sandy and you decided to change the base for their elasticity figure, measuring price in terms of dollars instead of pennies (ie., $0.08 for 8 cents and $0.10 for 10 cents). How will this sabotage affect the results? You must show all your work and explain your answer in detail to get credit. Question 2: Why is it that a profit-maximizing businessman would always raise prices when facing an inelastic demand curve, but might or might not raise prices when facing an elastic demand curve? Explain and justify your answers in detail.
The industry has been very fragmented, so that few companies have the financial backing to make heavy investments in new technology and equipment.
Background questions to answer: Where does NSW get most of its natural gas supplies from up to now? What is happening to total domestic gas production in Australia?
What information did you have or obtain that helped make your decision a well-informed one.there something you didn't know beforehand.
Consider the same animation cel auction as in problem 1. If instead you decide to hold a Vickrey Auction, what will person 2's bid be, if he is behaving optimally?
Research and evaluate sustainability economic and sustainable agriculture and evaluating a current or proposed government (local, state, national, international) policy and determining whether it is economically sound.
Draw a graph showing the optimal size of the park and briefly explain why a park of 2 acres is not optimal
Compute the mean and standard deviation of the damage in any year and determine the expected value of X, E(X), and expected value of Y, E(Y).
Assume you can only consume good X and Y out of abudget of $120. Your utility function is U = ln(X)+ln(Y ).
The technology of a company making high end, solid gold bracelets in Soho (NYC) is explained through the production function;
Prepare a 700-1,400-word paper explaining a company that has made the strategic decision based upon productivity, wages and benefits, and other fixed and variable costs. Examine the decision and its expected outcomes.
If the manager of the open market desk hears that a snowstorm is about to strike New York City, making it difficult to present checks for payment there and so raising the float, what defensive open market operations will the manager undertake?
Consider that there is now a website that helps professors check for plagiarism by comparing student papers with millions of online pages using the top 20 search engines. The system even identifies papers composed of bits and pieces of online text.
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