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1. What is FastFood's elasticity of demand?
2. Is demand elastic, inelastic, or neither?
3. What does elastic, inelastic, or neither tell us about the elasticity of demand?
4. Why does this matter?
5. Have FastFood's profits increased or decreased as a result of the price cut?
6. By how much?
7. Was the price cut a success or failure?
8. What price should FastFood charge next month?
9. Why?
Describe how changes in the macro environment affect individual firms and industries through the micro economic factors of demand, production, cost and profitability.
Kaufmann's offers only an hourly wage. Do you expect Kaufmann's hourly wage to be higher or lower than Farleigh's.
a change in environmental regulation has dramatically raised the price of a substitute chemical that indirectly competes with T3MP. This change undermines the market for the substitute, which is about twice the size of the market for T3MP.
If the marketplace for organic apples is perfectly competitive which of the subsequent statements is inconsistent with the statement above.
Illustrate what is the reorder point for part if the reorder point is expressed in terms of the inventory on hand rather than the inventory position.
Assume instead that the industry can sell any also all of its output at the fixed marketplace price of P = 120. Find out the industries optimal output.
Write down an explanation for an interrogatory senator outlining how your expansionary acts would operate and what would be the effects on the economy.
Illustrate what is the maximum amount by which funds provide can be increased as a result of bank A's new loan
If a tax were to be imposed on one of these items, for which item would the tax be the most efficient.
the number of hours per week supplied to a particular market by three individuals at various wage rates. Compute the total hours per week supplied to the market.
This exercise presents a simple example to elucidate how exchange-rate conversions can produce misleading results and how the PPP methodology works.
Why do pork also lamb have comapritively high price elasticities of demand compared with the other foodstuffs in the table.
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