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Arc income elasticity Deluxe Carpeting a leading manufacturer of carpeting sold 28 million square yards of carpeting at a price of $16 per yard. This year, GNP per capita is expected to fall from $19,000 to $17,000 as the nation enters a recession. Deluxe expects that current-year sales to fall to 20 million square yards.
a. Calculate the implied arc income elasticity of demand.
b. Given a price elasticity coefficient of -2.5, to what level would price have to be lowered to maintain sales at a level of 28 million square yards?
What is the probability that the annual return in a given year will exceed 15%? Suppose that the fund managers change the holdings of the fund such that the mean becomes 15% and the standard deviation becomes 5%. What are the new values for the pre..
A researcher is interested in estimating the salary of management majors. it is known that the population of salary offers is normally distributed with a standard deviation of 4(in thousands of dollars). the sample yields a sample mean of 50. 1. c..
a) Find the Marginal Product and use this information to determine where diminishing returns sets in. b) If labor costs $684 per unit, find the Marginal cost at Q = 30, Q= 50 and Q = 69. Round any decimal answers to 1 place. Explain how these answ..
A company has an annual requirement for 150,000 parts, which cost $125 each. The parts require processing having a $4,000 setup cost. Each part occupies 0.5 sqft of floor space in the factory. Floor space has a total cost of $12.50 per square foot..
Two processes can be used for producing a polymer that reduces friction loss in engines. Process T will have a first cost of $750,000, an operating cost of $60,000 per year, and a salvage value of $80,000 after its 2-year life.
Calculate the elasticity of demand for burrito meals with respect to the price of burritos, the price of tacos, and per capita income.
a. Derive the demand and supply curves (qd and qs). b. What is the equilibrium price and quantity c. If P=$160 what will be the forecast of quantity demanded and quantity supplied d. At the price of $160 will there be either a surplus or shortage. Wh..
In 2003, the market price for a 3,000 square foot home in South Tampa, Florida was $350,000 and 358 new homes were built. In 2004, the market price for a 3,000 square foot home in South Tampa, Florida increased to $385,000 and, holding all else eq..
Cinema Theater has estimated the following demand functions for its movies: Daytime demand, QD = 400 - 50 PD Nighttime demand, QN = 200 - 20 PN The marginal cost of serving another customer is $5 and its fixed costs are $100.
A woman managing a photocopy establishment for $25,000 per year decides to open her own duplicating place. Her revenue during the first year of operation is $120,000, and her expenses are as follows: Salaries- $45,000, Supplies $15,000, Rent- $10,..
According to the United States informationfor 1965-IQ to 1983-IQ (n=76), James and Adibi obtained the folowwing regression to explain personal consumption expenditure in the United States
A factory produces output (Q) using capital (K) and labor (L) according to the production function Y(K,L)=K^1/5*L^4/5 Let r denote the price per unit capital, and w denote the price per unit labor, so that the total expenditure on these factors is ..
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