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The original price of the commodity Y is 420, with the quantity demanded for commodity X is being 80 units. Calculate the cross price elasticity if after the price of Y increases to $40, and the demand for X falls to 70 units. Interpret your answer.
Explain how much control might an organization have over pricing based on a product's elasticity
A firm uses two variable inputs, labor, L, and raw materials, M, with typically shaped isoquants. It pays $20 per hour for L and $5 per unit for M. At the current mix of L and M, the marginal products of L and M are: MPL = 20 MPM = 4 Is the firm m..
During the recent recession, when countries around the world suffered high unemployment rates and the governments were experiencing huge budget deficits, economists debated whether to raise or cut taxes or to raise or cut government spending.
the new mayor has pledged to reduce air pollution and the only source of air pollution in the city are two cement
Using a money market diagram and a diagram of aggregate demand and aggregate supply, explain how the Reserve Bank of Australia (RBA) can eliminate an inflationary gap.
Explain the principles of microeconomics apply to other country. Describe any differences or special situations.
Compute the level of money supply necessary to attain these values of P and Y. If the money multiplier is 10, how large an open market purchase or sale must the Fed conduct?
The MPI is defined as increase, decrease or not affect the value of the government expenditures multiplier? Explain!
This product, called Red Hat Linux, is a potential replacement for UNIX and other well-known operating systems. If you were in charge of pricing at Red Hat, what strategy would you pursue? Explain.
consider a student who has finished her undergraduate degree and is considering pursuing an mba as a full-time student.
Fit each of the following examples into one of the three reasons for trade: I. Division of knowledge II. Economies of scale/creating competition III. Comparative advantage a. It is the 1950s.The American auto industry makes mediocre cars at high p..
As an economy increase and productivity grow, real wages tend to rise - people get richer on aggregate. Real wage growth implies that people are able to buy more of the services that are in basket of goods.
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