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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?
Before output has had time to adjust, by how much is disposable income reduced. Compute the resulting change in consumption expenditure.
q.assume that company abc is replacing workers on the manufacturing floor with robots and other machines. company xyz
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Illustrate what other additional information do you need, and how would you proceed if you had that information.
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A market has a demand curve described by P=30-Q, a supply curve described by P=16+Q, and a price ceiling of 20. Calculate the Total Surplus of the market with the price ceiling
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The cost of building a new high speed railway system is reported to be high at 25 billion. Does it necessarily follow that the high speed railway is not worth building?
Presently, AFC has on its medical staff 10 doctors and 10 nurses. The daily wage of a doctor is $600, whereas a nurse is paid only $200 a day. Is the mix of doctors and nurses the clinic is presently using optimal? Explain.
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