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You are the manager of a firm that receives revenues of $50,000 per year from product X and $100,000 per year from product Y. The own price elasticity of demand for product X is -2, and the cross-price elasticity of demand between product Y and X is 1.4. How much will your firm's total revenues (revenues from both products) change if you increase the price of good X by 1 percent?
A firm that is considering one independent project should accept it if
Vasco likes spare ribs, R, and fried chicken, C. His utility function is: U(C, R) = 40R^2C. His weekly income is $180, which he spends on only ribs and chicken. If he spends $20 for a slab of ribs and $10 for a chicken, what is his optimal consumptio..
What is the equation of the supply curve if input prices are $10 and the price of Z is $20? Graph the supply curve that you found in part a) showing intercepts and slope. What is the minimum price at which the firm will supply any of good X at all?
Discuss the Current Economy of the US and/or World. Discuss issues such as: What is currently occurring? How is it affecting people and businesses. How is it affecting the local, regional, national, and world markets? How are local and state gov'ts b..
Draw labor supply and demand curves for cashiers in Hadley supermarkets. Real World Micro 2.4: Jeannette Wicks-Lim argues that the minimum wage could be raised without causing significant job loss. Why, in her view, would companies pay higher wages w..
$1000 was withdrawn from a savings account earning 3% interest, $2000 additional was borrowed @ 7% interest. What is the opportunity cost of the financial capital invested in the business? When a firms only variable input is labor, then the slope of ..
Find the average daily balance for the following credit card account. Assume one month between billing dates using the proper number of days in the month. Then find the finance charge is interest is 1.5% per month on the average daily balance. Finall..
In this exercise, you will find actual points on the combined PPC of the two states. For each of the following values of one good, calculate the maximum amount of the other good that the two countries could produce working together.
Machine A was purchased three years ago for $10,000 and had an estimated market value of $1,500 at the end of its 10-year life. Annual operating costs are $1,250. The machine will perform satisfactorily for the next seven years. what is the differenc..
Suppose velocity is constant, the growth rate of real GDP is 3% per year, and the growth rate of money is 5% per year. Calculate the long-run rate of inflation according to the quantity theory of money. Suppose the growth rate of money rises to 10% p..
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 chang..
Suppose the nation of Sugarland consists of 50,000 households, 10 of whom are sugar producers. Arguing that the sugar industry is vital to the national economy, sugar producers propose an import tariff. The loss in consumer surplus due to the tariff ..
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