### Can revenue increase by lowering the price of thinks

Assignment Help Microeconomics
##### Reference no: EM13197719

A plastic surgeon thinks she can make more revenue by lowering the price of cosmetic surgery. She lowers her hourly rate from \$600 to \$550. If cosmetic surgery is an elastic service, is she correct in her assumption?
A)Yes
B)No

How would the elasticity of supply relate to the extremely high prices for paintings produced by painters from centuries before now.

#### Questions Cloud

 Define mass communications : Select a mass communications topic of your choice. Write a 5 page research paper on the topic and prepare a 5 minute presentation on the same topic What is the perimeter of the base : The lateral area of a rectangular prism with height of 5 feet is 175 feet squared. What is the perimeter of the base? An individual invest in company : Based on your analysis would you recommend an individual invest in this company? What strengths do you see? What risks do you see? What is the highest score possible : what's the highest score possible Can revenue increase by lowering the price of thinks : A plastic surgeon thinks she can make more revenue by lowering the price of cosmetic surgery.If cosmetic surgery is an elastic service, is she correct in her assumption. Define effective written communication in content : Demonstrate effective written communication in content, organization, correct grammar, and cited sources in a properly formatted APA document. Ratio analysis - calculate the current ratio : Ratio Analysis - Calculate the current ratio, quick ratio, cash to current liabilities ratio, over a two-year period. Discuss and interpret the ratios that you calculated What is un-usual about james condition : James began having panic attacks immediately after his mother died suddenly. As they became more frequent, he began to fear going into public situations where they might occur. Now he is unable to leave his apartment and has others go out to shop .. Horizontal analysis of income statement : Prepare a three-year horizontal analysis of the income statement and balance sheet of your selected company. Discuss the importance and meaning of horizontal analysis

### Write a Review

#### Explain right-to-work laws in individual states

What are the effects of labor unions on wages and productivity? what are the Right-to-work laws in individual states?

#### Draw game tree and find backward induction equilibrium

Draw the game as a table. What are the Nash equilibria of this game? How does this game differ from a prisoner's dilemma, and how can participants achieve the optimal (both hunt Stag) outcome?

#### Proponents of trade liberalization

Proponents of trade liberalization argue that freer trade might actually improve the quality of the environment

#### What effect will have on output

Suppose the price of labor increases to \$2 per unit. What effect will this have on output per unit of labor and is this plant subject to decreasing returns to scale? Why or why not?

#### Five forces framework

The costs of manufacturing steel declined substantially from building a conventional hot rolled steel mill down to new mini mill technology that need only scrap metal,

#### Money and exchange rates

Evaluate the money multiplier? The central bank decides to increase the money supply (M1) by \$200 million through an open market operation.  How much should it buy in bonds?

#### Theory of rational expectations

If growth in labor supply is a source of economic growth, then we should just open our borders and let everyone immigrate to the U.S. Agree or disagree? When it comes to labor what matters for economic growth?

#### How many groschens should the council charge

The council decides to allow a boat to fish in the lake only if its owner buys a fishing licence. To maximize total profit (of citizens and council), how many groschens should the council charge for a licence?

#### Describe the steps involved in taking a scientific approach

The queue length and waiting time for clients including and excluding the service time and the probability that there will be more than 2 customers waiting

#### Why its important to consider technology for economy

In your paper, compare and contrast how technology has helped build your business and personal relationships versus how technology has weakened those relationships.5.What can you and others do to use technology (including social media) to reduce a..

#### Market structures evolution

The four kinds of market structures are Perfect Competition, Monopoly, Oligopoly, and Monoplistic Competition. Given dynamics of competition, think of the different sequential paths of market structures which firms can move by over time (any of th..

#### Monopoly behavior and government intervention

Discuss are a good thing since they transfer resources from lower rated to higher rated activities thereby helping to maximize society's happiness?

#### Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd