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Presume that a department store is selling a popular brand of dress shirt for $109 each. Through the first two weeks, the store sold 100 shirts, and in order to boost sale and clear the isles for new product, it declared a sale "buy one get one free". This resulted in sale of 500 shirts in one week, and the isles were cleared.
(1) Compute the price elasticity of demand.
(2) Interpret your result. Specifically, what kind of demand elasticity is it and what does the coefficient of elasticity indicate when price went down?
Suppose you are studying the market for shoes. Two events take place simultaneously. First, price of leather decreases, and second, consumers' income increases. What will happen to the equilibrium price and equilibrium quantity of shoes
what assumptions about preferences imply that indifference curves have the bowed-in shape they are assumed to
Graph an increase in demand when supply is elastic and show the change in eq. P and Q. Graph a similar increase in demand when supply is inelastic and show the change in eq. P and Q. Compare the results. Graph a market with a tax where firms pay th..
Wages offered for a particular type of job are the same across the country. The labor market usually yields a range of wages rather than a unique equilibrium. Wages exhibit frequent and prompt changes in response to changes in market conditions.
if there was no item in the economy widely accepted in return for goods and services how would transactions be made?
Two automatic systems for dispensing maps are being compared by the state highway department. The accompanying breakeven chart of the comparison of these systems (System I vs. System II) shows total yearly costs for the number of maps dispensed pe..
What price would Soft Rock have to charge to sell 2,000 T shirts? Compute the own price elasticity of demand when the price goes from $5 to $4.
Why is comparative advantage significant in international trade? Identify the exchange rate that equalizes the prices of internationally traded goods across countries and briefly discuss the major functions this exchange rate serves.
You have been contracted by an economic consulting company to estimate the economic structure and possible future actions of OPEC, Organization of Petroleum Exporting nations.
Calculate MC and then use the same equation to find out the new price. ¦e¦is the absolute value of demand elasticity and determine the breakeven output and total sales revenues and draw the cost-volume-profit chart.
The Government and Social Responsibility
What indicates that we have positive value of perfect information and what is the expected value of perfect information on reserves?
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