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The ACME Corporation determines that at current prices, the demand for its computer chips has a price elasticity of -2 in the short run, while the price elasticity for its disk drives is -1.
a. If the corporation decides to raise the price of both products by 10 percent, what will happen to its sales? To its sales revenue?
b. Can you tell from the available information which product will generate the most revenue? If yes, why? If not, what additional information do you need?
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Gobi Inc. has sales of $40,000,000. The contribution margin is $0% and the fixed costs are $3,000,000. The variable costs per unit is $12. The company is considering two different strategies for increasing their profits:
"Output per worker is expected to increase by 10 percent during the next year. Therefore, wages can also increase by 10 percent with no harmful effects on employment, output prices, or employer profits." Analyze this statement.
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