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Consider a product that you have purchased recently. If the price of this item increases, how would you adjust your purchases? Is the Demand for this product Price Elastic or Price Inelastic? Justify your classification by applying the determinants of elasticity to this product. Suppose price of this product is on the rise and you are the store manager. Would you be thrilled to be selling this product? How does an increase in price for this product affect your Total Revenue? Using specific examples, relate the concepts of Cross Elasticity and Income Elasticity to this product.
Cab Wheeler is a newly hired business analyst with your group. Cab has always felt that questionnaires are a waste and interviews are the best way to elicit requirements. Now that you will be doing a systems project for MegaTrucks, Inc., a national t..
Explain effect of an open market purchase on interest rates. Make sure you discuss liquidity effect, real income effect, price level effect and inflationary expectations effect.
Suppose the price of apples goes up from $20 to $24 a box. In direct response, Goldsboro Farms supplies 1,400 boxes of apples instead of 1,200 boxes. Compute the coefficient of price elasticity (midpoints approach) for Goldsboro’s supply.
Unstable export markets, worsening terms of trade, and limited access to the markets in advanced countries are just a few of the problems that have plagued nations in Africa, Asia, Latin America, and Middle East. For example, developing countries hav..
A firm's production function is qi = .2*Ki.2Li.4. The wage rate in this area is w = $15, and the cost of capital is r = .05. a. Find the firm's short run cost function, if Ki is fixed at $100,000. b. If the good is exported around the world at a pric..
Immediately after a hurricane, it is likely that the quantity demanded for tree cutting/removal services will ______ the quantity supplied, causing the price of tree cutting/removal services to ______. The question of who pays the greater amount of a..
Suppose FC acts as a simple monopolist by charging anyone who visits the website the same price. What is the price and quantity that maximizes profits? What are FC's profits? Using the aggregate (total) demand curve that you found in a), draw the gra..
Based on what you have learned about the relationship between TR and elasticity of demand, explain how an airline might take advantage of this information in order to maximize its profits? (Tip: How does an airline company separate the market of cons..
Hugo, a manufacturer, wanted to retire. His business had some good contracts. For this reason, Ian wanted to buy the business. Hugo showed Ian his accounts for the last three years, his orders for future work not yet carried out and the debts owed to..
Which of the following best describes the relationship between productivity and standard of living?
Compare and contrast the ticket prices and product offerings of the two airlines. Use care that the fares are comparable by examining ancillary charges. What conclusions do you draw about pricing and products?
How can restricting entry into a union help boost members’ wages without the union specifically setting wages? Distinguish between a closed shop and a union shop. Are either or both shops legal? Explain . What is a monopsony and how does a monopsonis..
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