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A specific McDonald’s franchise owner is looking at elasticities of Big Macs. E(p)= 2 (Price), E(i)=1 (Income), E(mt)=1.5 (m=Big Mac, t= Taco). The franchise owner would like to increase the price of Big Macs by 6%. The owner read an economic report saying incomes will grow by 4% next year and due to a strong marketing campaign by Taco Bell, the price of Tacos will fall by 2%.
If the franchise owner currently sells 1,200 Big Macs a day, how many Big Macs a day can the owner expect to sell?
If the owner wants to keep units sold the same at 1,200 per day, by what percentage must the owner change the price of Big Macs?
Javier is travelling from his home in New York to Dallas, Texas. While driving through Oklahoma, his brakes fail and he is injured in the ensuing crash. Javier wants to sue the maker of his car, Energy-Auto Inc. Energy's headquarters is in New York. ..
The 2 firms form a cartel & arrange to split total industry profits equally. Under this cartel arrangement, they will maximize joint profits.
It is priced at only $400. Suppose your opportunity cost of funds is 5 percent , which refrigerator should you purchase.
Suppose that annual income from a rental property is expected to start at?$1,250?per year and decrease at a uniform amount of?$50?each year after the first year for the?17-year? expected life of the property.
How does capital investment affect the marginal physical product of labor? Does more college education have the same kind of effect? Which is a better investment?
Some goods generate spillover benefits from production, but it is:
Following the war, the government of Country A would like to impose tax RMx on cars. Ilustrate and explain with graph for the car market due to the taxes. In your opinion, who will bear more of the taxes imposed-suppliers or consumers.
How does lean maintenance differ from the traditional approach under which a maintenance department has the responsibility for all maintenance functions? Which level on the maintenance performance hierarchy would you expect to find a lean maintenance..
Discuss an activity or process or product of Wal-Mart that exhibits economies or diseconomies of scale. Describe the source of the scale economy.
Frank is the receiving dock supervisor for Cabinet Co., a company that manufactures metal storage cabinets. His job is to supervise the inspection, and stocking of components and materials used in the manufacture of the cabinets as they are delivered..
Who is the winners and losers from using corn to produce ethanol (gasoline)? Identify some of the unintended consequences of using corn to produce ethanol (gasoline).
For a normal good, the income and substitution effects
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