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Some economists did a study of market for economists in Britain. They discover that the quantity demanded was about 150 per year, and that the quantity supplied was about three hundred per year. Using your new-found economic reasoning powers:
- What did they predict would happen to the economists' salaries?- What likely happens to the excess economists?- Why doesn't the price change immediately to bring the quantity supplied and the quantity demanded into equilibrium?
Describe the balance of fixed and variable costs for the organization. How can the organization use technology to change this balance for an advantage.
Obtain the market clearing price and quantity. Under the assumption of profit and maximization , how much output should the representative firm produce?
Using above demanded schedule, find out the elasticity of demand for each price change. (Example: when price changes from $5 to $10, quantity demanded changes from 1000 to 800 oz., so the elasticity of demand, by using average values, is 1/3 or 0...
Gus cab driver rents a cab and pays for gas. In each of following circumstances, describe the short-run effects & long-run effects on the price and quantity of rides Gus offers.
Illustrate specific management principles and practices should PM company begin to put in place that will assist the company as their international expansion plans move forward and their international business begins to grow.
Is your employee affected by increases in the minimum salary. In what way is your employer affected by minimum wage increases.
Suppose that market for tradable emissions permits by power plants has been operating efficiently for several years. An engineering company then invents a lower cost device for pollution abatement.
Explain what should the firm replace its old knitting machine, and if so, which new machine should it use.
Two oligopoly company are in the process of estimating their marketing strategies. Firm 1 can generate estimated profits of $10 million from strategy A
Explain how much should Jet Blue charge for a Business Class ticket.
Provide brief but theoretically sound explanation for each of the following.
Describe the total cash flows in real terms and the depreciation tax shield. What is it that has you concerned.
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