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If elasticity is -2, price is $10, and marginal cost is $8, should you raise or lower price?
Lower price. Since demand elasticity is greater than 1 (absolute value) revenues will be increased, and since price is above marginal costs profits will increase.
the total output and price produced in an oligopoly market characterized by a dominant firm and a fringe. SF represents the supply curve of the fringe, D is the market demand curve, DRES represents the residual demand curve of the dominant firm.
Examine who the winner and loser would be - either the borrower or the lender in the given scenario. Provide support for your response.
Female shoppers generally value microwaves more than men and attribute greater value to the auto-defrost feature. There is little additional cost to incorporating an auto defrost feature.
Examined the statistics for our basketball team"s wins last year and found that, when the third team played more, the winning margin increased. If the coach played the third team more, we would win by a bigger margin.” Evaluate this statement.
On average, does an increase in taxes raise or lower real GDP If taxes as a percentage of GDP go up 1 percent, by how much does real GDP change Are the decreases in real DDP caused by tax increases temporary or permanent
A Federal Reserve Bank has employed the economic consulting company to make a paper on how the use of money has changed over the past twenty years.
The government should provide such goods as health care, education, and highways because it can provide them for free.” Is this statement true or false
What does this graph tell us the nature of economies of scale in the beer brewing industry b. What are the particular problems associated with the firm represented by the SATC curve shown in the graph Does it represent a firm that would be able to..
bob and bette rhymes with jetty each have cobb-douglas preferences for cheese c and peanut butter p each of which will
Describe planning or operating decisions for your new or existing good or service based on the economy's stage in the business cycle and other economic conditions.
What is the "current macroeconomic situation" in the U.S. as of 2013 (e.g. is the U.S. economy currently concerned about unemployment, inflation, recession, etc.) What fiscal policies and monetary policies would be appropriate at this time
Suppose nominal GDP in 2005 was $14 trillion, and in 2006 it was $15 trillion. The general price index in 2005 was 100, and in 2006 it was 103. Between 2005 and 2006, real GDP rose by what percent?
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