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A major PC producer lowers the price of its desktop PC from $900 to $700. The sale of desktops increase by 25 percent. The store manager notices that sales of laser printers increase by 15 percent.
a. Calculate the arc price elasticity of desktop PC. Explain what it means.
b. Why have the sales of laser printers increased? Calculate the arc cross price elasticity of laser printers. Based on your calculation, is a laser printer a substitute or complement? Why?
c. Was the new policy beneficial for increasing the revenues of the producer? Explain.
d. If you were to estimate a demand equation for desktop computers, which variables would you choose as explanatory variables?
In the past ten years, most forms of drug use have dropped significantly, especially among teens. Despite this, non-violet drug offenders accounted for 21.1 percent of the federal prison population.
Consider the market for health care insurance. If several health care insurers exit the market, how will this affect the market for health care insurance, ceteris paribus?
Variables also spell out the assumptions related to the use
If the product is only a small part of your budget, it does not make that much difference if the price increases a little. But if it is a large part of your budget, like gasoline, it can make a big difference in how we respond! Elaborate.
Plato's attempt to explain the world around us. Just picture it: You are chained to the ground and all you can see in front of you is a cave wall. There is a light source behind you, which casts reflections on the wall. What do you think you would..
For the life of me I can't figure out the following: Output is produced according to Q=4LK, where L is the quantity of labor input and K is the quantity of capital input. If the price of K is $10 and the price of L is $5, then the cost-minimizin..
Economists have devised measures of how much consumers alter their purchases in response to price changes. These measures are called price controls. price floors.
Using the Keynesian cross model, draw a graph to illustrate and explain what will happen in an economy when planned aggregate expenditures are greater than real GDP (i.e., A.E. > Y). How is equilibrium achieved in this economy?
Indicate whether each of the following would be considered an automatic stabilizer (last part of lecture and pg. 544):
Campbell's sells used trailers, U, and new trailers, N. Its profits are given through Õ = 100N + 68U - 5N2 - 5U2 - 2NU. Determine Campbell's maximum profit is
Assume the following average inventory in sanding, the buffer, and painting: Sanding: 1batch; Buffer: 2 batches; Painting: 1 batch. What is the average flow time from the start ofsanding until the decks are ready to enter the ..
A bank advertises it pays 7% annual interest, compounded daily, on savings accounts, provided the money is left in the account for 4 years. What effective annual interest rate do they pay?
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