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Le Crueset is a French restaurant that recently increased the average price of its meals by 4%. As a result, the number of customers dropped by 3%. Based on this information, what is the price elasticity of demand for meals at Le Crueset? How will this 4% increase of the average price of meals impact total revenue at Le Crueset?
Another French restaurant in the area that competes with Le Crueset decided to reduce the average price of its meals by 3%. How will this decision likely impact the demand for meals at Le Crueset?
Assume that the average disposable in the area in which operates increases by 5% over the last year. As a result, the number of customers at Le Crueset increased by 3%. Based on this information, what is the income elasticity of demand for meals at Le Crueset? Are meals at Le Crueset considered normal goods?
If inflation falls from 5% to 3% to 1.3% it is sometimes called. Typically the government: If the nominal rate of interest is 8 percent and the inflation rate is 3 percent, then the real rate of interest is: The unemployment rate is the percent of t..
Our desires and satisfactions are often relative not only to what others have but also to what we ourselves have become accustomed to. A small amount of tasteless food can be the source of immense satisfaction to a very hungry person. The marginal co..
Dewey Cheatham is the new Vice President of Marketing for a large online search engine company, Pottstown Innovative Enterprises (AKA, PIE). The shipment of prescription drugs from pharmacies outside the United States to customers in the United State..
The first audit of the books of Bruce Gingrich Company was made for the year ended December 31, 2015. At the beginning of 2013, the company purchased a machine for $494,300 (salvage value of $52,600) that had a useful life of 6 years. The bookkeeper ..
With respect to tariffs and quotas, it can generally be said that:
A monopolist can produce at constant average and marginal costs of AC = MC = 5. The firm faces a market demand curve given by Q = 53 —P. The monopolist's marginal revenue curve is given by MR = 53 - 2Q. Calculate the profit-maximizing price-quantity ..
What is the marginal revenue of a firm that sells a product at the price of $15 and the price elasticity of demand for the product is -2? What is the price elasticity of demand of a firm that sells a product for $20 and marginal revenue is $12?
Does your home state's (AZ) jurisdiction follow a contributory or comparative negligence theory? How does this affect the outcome of lawsuits?
Illustrate what are factors that influence supply of loanable funds and the factors that influence demand for loanble funds.
Which of the following might explain why the government would create a price ceiling for a certain good?
Illustrates your local electricity company’s natural monopoly. The diagram shows the demand curve for kilowatt-hours (kWh) of electricity, the company’s marginal revenue (MR) curve, its marginal cost (MC) curve, and its average total cost (ATC) curve..
Specify the main economic (not political) drawback of economic integrations among nations? Explain (do so in no more than 40 words).
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