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Suppose the own price elasticity of demand for good X is -4, its income elasticity is -2, its advertising elasticity is 4, and the cross-price elasticity of demand between it and good Y is 2. Determine how much the consumption of this good will change if: a. The price of good X decreases by 6 percent.b. The price of good Y increases by 9 percent. c. Advertising decreases by 3 percent. d. Income increases by 4 percent.
There are lots of differences between a market served by a monopoly and a market that is perfectly competitive. Sort the items below according to whether they are associated with a single-price monopoly or perfect competition.
Jon consumes only two goods: coffee and donuts. When the price of coffee falls, he buys the same amount of donuts and more coffee. Draw a indifference curve and Budget line diagram to illustrate Bob's pattern of consumption. What does this tell us ab..
Consider all the key drivers of performance, such as company profit or loss for both the short term and long term and how each factor influences managerial decisions. Be sure to show the calculations that helped you reach your conclusions.
How would an increase in capital goods, holding the size of the labor force constant, help to make workers more productive and increase economic growth? Explain how a technological advance can contribute to economic growth. Why do institutions such a..
AAA Personnel, Inc., discharges Barb, who feels the discharge is due to her religious beliefs. She decides to pursue an employment-discrimination claim and file suit against AAA. She could contact the Equal Employment Opportunity Commission
determine the macroeconomic effects of the following macroeconomic event when the economy is initially at less than
In 2005, Clear Chanel (an owner of multiple popular radio stations) spun off concert promoter Live Nation into an independent company. How would this affect prices for concert tickets or rates for radio programming?
What is the most you would be willing to pay for one of these licenses, if you know that you get to choose your level of output before the other licensee does, also knowing that your choice is observable by the other licensee?
The lunch you buy in your school cafeteria is classified as: a) a consumer durable. b) a consumer nondurable. c) a service. d)either a consumer nondurable or a service because it fits into both categories.
The chart below gives prices and output information for the country of Utopia. Use this information to calculate real and nominal GDP for both years. Use 2001 as the base year.
Comment upon Hollander’s (1992) suggestion that the leader-follower relationship is strongly affected by the “perceptions, misperceptions, and self-oriented biases” brought to the relationship by the follower.
The government decreases current taxes, while holding government spending in the present and the future constant.
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