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1) Assume that the price elasticity of demand is −.5 for a certain firm's product. If the firm decreases price, the firm's managers can expect total revenue to:
a) decrease.
b) increase.
c) remain constant.
d) increase or remain constant, depending upon the size of the price increase.
2) Which of the following statements is correct:
a) Maximizing total benefits is never equivalent to maximizing net benefits.
b) Maximizing total benefits is equivalent to maximizing net benefits if and only if there are no costs associated with achieving more benefits.
c) Profits cannot be maximized when marginal costs equal marginal benefits.
d) Net marginal benefits can never be equal to marginal benefits.
Participate in a discussion with your classmates regarding how monetary policies affect our lives. Utilizing the knowledge that you have accumulated during our course, and by reading or watching the current news, determine the monetary policy issues ..
Given your research and findings, are monopolies and oligopolies (firms demonstrating power) always bad for society? Be sure to provide real world examples of where this may be the case to strengthen your position.
The consulting firm McKinsey and Company expects this combination of medical care and tourism in India to approach $2 billion a year by 2012.
One reason why prices tend to be less flexible in oligopoly markets than in other market structures is because: A) Coordination tends to stabilize prices B) According to the kinked-demand model, a firm will tend to become worse off if it increases or..
Draw the indifference curves that represent the following individual's preferences for peanut butter and jelly. Indicate the direction in which the individuals' utility is rising.
If the demand for housing falls, reducing planned investment by $75 billion, what is the effect on national income and output (GDP) (the consumption function is c = 50 + 0.7 (yd)) Wouldn't this answer just be GDP will be reduced by 75 billion? I am n..
Which of the following phenomena can a nation expect when it opens (more widely) to international trade?
Where Q is the production and V is the number of employees working 8 hours a day
Suppose the interest rate on 6-month treasury bills is 7 percent per year in the United Kingdom and 4 percent per year in the United States.
Write a short (2-3 page, double-spaced, typed) essay identifying and describing the current state of the health care industry using the tools we have studied this semester.
Given a sample of observations on yt and xt what is the most efficient estimator of mu? Is this estimator unbiased? What is its variance? What is the OLS estimator of mu?
As a member of the Board of Directors of General Motors Corporation, you are continually concerned about the level of productivity of the company’s work force. What can management do to create enhanced productivity levels in order to maintain a profi..
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