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The solution to Price Elasticity
You are the manager of a firm that receives revenues of $30,000 per year from product X and $70,000 per year from product Y. The own price elasticity of demand for product X is -2.5, and the cross-price elasticity of demand between product Y and X is 1.1. 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 is using 20 units of labour and 30 units of capital to produce 4,000 units of output. At this combination the marginal product of labour is 50 and the marginal product of capital is 40.
Explain what happens to the position of the nation's short-run Phillips Curve if the following events occur:
Draw a diagram describing autarky and a pattern of comparative advantage for your example.
Explain when an economy ever pursue a contractionary fiscal policy.
Illustrate graphically the impact in the short run and the long run of a Federal Reserve decision to increase open-market purchases.
From the regression output, estimate the demand function when income is $40,000 and price is $2 per gallon. Explain the result in terms of R-square, T-test, F-statistic, and signs of each X variables.
Explain carefully in terms of production theory why it might be that no amount of "cracking down" can increase worker productivity at CF&D.
How does an active fiscal policy helps or hinder long-run growth in the economy.
Vulnerability Analysis
A pure monopolist determines that at the current level of output the marginal cost of production is $2.00, average variable costs are $2.75, and average total costs are $2.95.
Tables John Walker is a regional sales representative for Jiffy Mowers Inc. and sells lawn mowers to stores in the Tri State area. Construct a table showing Walkers marginal sales per day in each state.
Competition seems to be so fierce among the giant retailers, after discounting and lower profit margins, how is profitability possible.
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