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Suppose you are the manager of a restaurant that serves an average of 400 meals per day at an average price per meal of $20. On the basis of a survey, you have determined that reducing the price of an average meal to $18 would increase the quantity demanded to 450 per day.
Compute the price elasticity of demand between these two points.
Would you expect total revenues to rise or fall? Explain.
Suppose you have reduced the average price of a meal to $18 and are considering a further reduction to $16. Another survey shows that the quantity demanded of meals will increase from 450 to 500 per day. Compute the price elasticity of demand between these two points. Would you expect total revenue to rise or fall as a result of this second price reduction? Explain.
Compute total revenue at the three meal prices. Do these totals confirm your answers in (b) and (d) above?
How does this alter the isocost and isoquant graph? d.Given these forecasts, where should you expand production?
You have been contracted by an economic consulting firm to determine the economic structure and possible future actions of OPEC, the Organization of Petroleum Exporting Countries.
A price-weighted index consists of stocks A, B, and C which are priced at $38, $21, and $26 a share, respectively. The current index divisor is 2.7. What will the new index divisor be if stock B undergoes a 3-for-1 stock split?
Using the Library, the Internet, and your course materials, briefly define and explain dynamic pricing. Select a company that uses (or has used) dynamic pricing and respond to the following questions
You are indifferent between 2 jobs, which differ in their danger levels and compensation. You can be a crab fisher in the Bering Sea, which pays $70,000 for a 3-month period, or you can be an accounting intern, earning $2,400 for the same period. The..
Considering the following concepts such as GDP, unemployment, monetary and fiscal policy. Pick an recent newspaper article (New York Times, Wall Street Journal, etc.) that focuses on DELL INC. Describe the event and the issue for DELL INC. (summarize..
q1. if argentina wanted to pay off their u.s. dollar debt after the peso devalued how many argentine pesos would it
Micro media offer computer training seminars on a variety of topics. In the seminars each student works at a personal computer, practicing the particular activity that the instructor is presenting. Micro media is currently planning a two-day seminar ..
Prepare a five page research paper about social problems where the free markets are not allowed to function, which includes the market for a particular illegal good and service, a regulated market, etc.
Suppose that the market demand curve for bean sprouts is P=880-2Q, where P is the price and Q is total industry output. Suppose that the industry has two firms, a Stackleberg leader and a follower. Each firm has a constant marginal cost of $80 per un..
Name a specific event to be expected to cause the equilibrium price of ice cream to increase.
People holding money in anticipation that bond yields will rise is an example of
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