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Suppose the demand for beer is characterized by the following elasticities: • Own price elasticity = -2.5 • Cross-price elasticity with soda = +3 • Income elasticity = +2 Based on the given elasticities, answer the following. Explain your answers.
a. If a firm in the industry wishes to increase total sales revenue (ignoring cost considerations), will it raise or lower its selling price? Why?
b. What happens to the demand for beer if the price of soda falls by 2%? Explain your answer.
c. What happens to the demand for beer if consumer income rises by 5%? Be specific.
d. Is beer a normal or inferior good? Explain.
What nominal interest rate per year is equivalent to aneffective 15% per year, compounded semiannually?
Short essay responses should of at least 300 words Please use intro, body and conclusion format. Minimum of 2 sources each for a total of 4. Has to be submitted through turnitin.com for a plagiarism check. What are the differences between the Hous..
If Apple iPod only played iTunes, and iTunes only could be heard on the Apple iPod, could Apple price the technologically integrated bundle any way they wanted? If other electronic music can play on an iPod, what determines whether there are any limi..
What is the "current macroeconomic situation" in the U.S. (e.g. is the U.S. economy currently concerned about unemployment, inflation, recession, etc.) What fiscal policies and monetary policies would be appropriate at this time
As a monopoly is the only source of supply, consumers are entirely at its mercy. There is no limit to the price the monopoly can chargeâ. Evaluate this statement.
john operates a small business out of his home and has very little in terms of fixed costs. answer the next questions
Identify and discuss two aspects of firms' credit policy. Identify one difference in the credit policies of different company and describe why this difference may be important to consumers.
Suppose the banking system is in reserve equilibrium. The Fed conducts an open market purchase of Treasury securities in the amount of $1 billion.
Suppose production of this good provides an external benefit of $10 for each unit produced. What is the efficient quantity in this market? How might the government respond to correct this market failure?
Find out more about the airline industry. What is the price elasticity of supply for the airline industry.
Tune is a retailer. In a given trading period his purchases were $629,800, less purchase returns of $9,300. During the trading period, the average amount he owed to creditors was $26,350. (a) Calculate the average credit taken by the retailer, in ..
Analyze the contribution that automatic stabilizers play in making a stable economy. Provide some examples of the automatic stabilizers and use them to illustrate their significance.
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