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Suppose a 3% fall in the price of strawberries increases the quantity of strawberries demanded by 4% and increases the quantity of chocolate demanded by 2%.
a. Using this information, calculate the price elasticity of demand for strawberries at the original price. Interpret your calculation in words.
b. At the original price, is the demand for strawberries price elastic or inelastic?
c. What would have happened to consumers’ total expenditures on strawberries when the price of strawberries decreased?
d. Calculate the cross-price elasticity of demand for chocolate with respect to the price of strawberries at the original price.
e. Are strawberries and chocolate complements or substitutes? Briefly explain your reasoning.
Have you ever been deceived by descriptive statistics (measures of central tendency or measures of dispersion)? How did this occur, and whose “fault” was it regarding the deception?
In a waiting line model situation, arrivals occur around clock at a rate of six per day and service occurs at one very three hours. Assume Poisson and exponential distributions. Illustrate what is Mean Arrival Rate λ
what happens to gross debt as a percentage of GDP. Elucidate what happens to the level of debt held by the public as a percentage of GDP.
Discuss Explain how "Game Theory" can be used to improve strategic decision making in competitive situations.
When the Fed sells government securities:
An business development executive travels extensively for business. Her company offers two options to offset her driving expenses. Option 1 provides a car allowance of 490 dollars per month and a mileage reimbursement of $0.34/mile for fuel, insuranc..
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If a $24 per share stock has a P/E ratio of 20 and pays out 40% of its profits in dividends, how large is its dividends? Also what is the implied rate of return?
You may be aware that there are three types of profit: accounting profit, economic profit, and normal profit. The difference between the total revenue and the sum of the explicit and implicit costs of an organization results in economic profit. It is..
An annuity runs for 25 years as follows: at the end of each of the - . first ten years 500 is paid, and then at the end of each of the last 15 years 300 is paid. If i= .08, find the value of this annuity three years before the first payment.
Between 1970 and 1976, average inflation rate of Country X was about 35 percent per year. With that rate of inflation, prices would double about every ________ using the rule of 70.
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