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In general, the price elasticity of demand for a product will be greater
(a) the larger the number of close substitutes,
(b) the greater the share of budget an item takes,
(c) the more the item is considered to be a luxury, and
(d) the narrower the market is defined (for example, a specific brand name vs. an entire market).
Costco (www.costco.com) posts its sales (discount) items.
Select at least 5 sales items, and evaluate the price elasticity of demand for each item.
Based on the information below about the production structure, explain whether the technology used in each part demonstrates constant returns to scale (CRS) or increasing returns to scale (IRS) property.
Why the government wants to keep the price athigher level i.e. to $5.50 when there is decline in export demand. Will it effect on the quantity demanded or quantity supplied equation and curve and how much
Harrison, Carla, and Fred are housepainters. Harrison and Carla can paint 100 square feet per hour using a standard paintbrush, and Fred can paint 80 square feet per hour. Any of the three can paint 200 square feet per hour using a roller.
Two car manufacturers, Saab and Volvo, have fixed costs of $1 billion and marginal costs of $10,000 per car. If Saab produces 50,000 cars per year and Volvo produces 200,000, calculate the average production cost for each company.
Consider two cars. One has a price of $30,000. It averages 20 miles per gallon. A $1,500 tax credit is offered by the government for this vehicle. The other has a price of $27,000. It averages 16 miles per gallon. Interest rate= 3% per year.
What are externalities? What are positive and negative externalities? Give examples of Positive and negative externalities and give a brief introduction about your chosen merit good and explain the role of government in providing this merit good to..
a.) Determine the profit maximizing level of output. b.) Compute the profit maximizing price. c.) Calculate the upper and lower limits within which marginal cost may vary without affecting the profit maximizing output or the price.
Assume a firm is a monopsonist that can hire its first worker for $6 but must increase the wage rate by $3 to attract each successive worker (so that the second worker must be paid $9, the third $12, and so on). The marginal revenue product of lab..
Jerry will receive the following payments: 905 in year 3, 952 in year 5 and 933 in year 9. What is the purchasing power of the present value of these payments if the market interest rate is 16% per year and the inflation rate is 8% per year
If an editorial says that Americans are saving at loweramounts ie, 20 years ago the average savings rate was 20% ofdisposable income. The editorial predicted that thiswould drop to 5 percent in less than five years.
A small nation permits free trade in good X. At the good's free-trade price of $8, domestic firms supply 6 million units and imports account for 4 million units. Recently the small country has ereted trade barriers with the result that imports hav..
the new mayor has pledged to reduce air pollution and the only source of air pollution in the city are two cement
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