Already have an account? Get multiple benefits of using own account!
Login in your account..!
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Because of your reputation as an expert in economic analysis, you have been hired as vice president of a business consulting firm named Economists R Us. This firm provides consulting services for a wide variety of manufacturing and retail companies. You will be meeting with clients next week to review the following economic issues. Your report should be a professional presentation. These questions have multiple parts, so be sure to the answer is complete.
1. Speedy Limo is a limousine service located on the north side of Cleveland. It specializes in transporting people to and from Hopkins International airport, although it will deliver people anywhere in the Cleveland area. It competes with taxis and public transportation as well as people deciding to drive their own cars. The demand for the firm's services has been increasing as more consumers use the service for convenience and due to higher parking rates at the airport. However, increases in gasoline prices and wage rates for drivers have increased costs for the firm. Describe the supply and demand shifts that are occurring for this firm (graphs might help in your description). What would happen to the demand curve if the major taxi companies lowered their prices? If you were asked to forecast future demand for this firm, how would you set up a forecasting model?
2. Sonic Boom Corporation sells drum sets. At a price of $600 per set, they sold about 500 sets per month. The new general manager for this product, Ella Sticity, decided that the company needed more revenues and increased the price to $700 per set. However, Sonic Boom is now selling only 200 drum sets per month at the new price. What is the arc price elasticity for this product? Define price elasticity and how it should be used for pricing this product. What do you recommend for the price of this product (e.g. stay at $700 or change, higher or lower?) and what additional information would be useful in the pricing decision? What would be your recommendations for setting up a model to forecast future demand for this product?
Marginal revenue: Marginal revenue is the change in total revenue with respect to a change in quantity sold. That is, it is the change in total revenue that results from the s
Steel and aluminum production Steel Canada 500, France 1200 Aluminum Canada 1500, France 800 The maximum amount of steel or aluminum that Canada and France can produce if they full
how do you calculate opportunity cost
Assume that milk operates in a perfectly competitive market, use a well labeled demand and supply model to explain how market equilibrium price of milk is being determined.
critical of comparative advantage theory
How would you construct an estimate of marginal cost, & ?C(w, y) , in each period? ?Y
theory of profit
current rate of gdp
Disposable Personal Income The amount of cash remaining after taxes are removed that an individual has the opportunity to spend.
Derivation of compensated demand curve: Hicksian compensated demand function for x 1 is given by x 1 =x 1 (p 1 , p 2 , U), where Hicksian compensated demand curve for a good
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd