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Analysis of Pricing: You manage MBA Deli which sells meals at a price of $6 each. The average number of meals sold per month is 7,000. MBA Deli would like to increase its sales and profits. The MBAs running the Deli, know that if price is lowered, they will sell more meals. So they run an experiment. Price is lowered to $5 per meal in October and the number of meals sold increases to 8,000.
Warren suggests that there wasn’t enough time in the experiment. He estimates that in the second month, MBA Deli will sell 9,000 meals. Please answer the following assuming that Warren is correct.
What is the Price Elasticity of Demand?
Is elasticity elastic, inelastic or neither?
What does this mean and why does it matter?
Will Revenues increase or decrease as a result of the price cut? By How much?
Suppose a unit of quota rights allows the producer to sell a unit of output each year indefinitely into the future. Illustrate what increase in consumer prices will occur.
Suppose Canada's exchange rate with the euro rises from 1.2 to 1.4. This rise indicates a(n) ________ of the Canadian dollar, which means it takes ________ Canadian dollars to purchase one euro.
how should he change his bundle to reach his optimum? Explain your answer using the marginal utility condition at the optimal choice.
The agreement required the tobacco companies to pay the states $246 billion over twenty- five years. The tobacco companies are going to have raise prices to be able to pay the states.
Explain how much would cumulative spending increase as a result. H ow much more did the average household spend on appliances, electronics, and furniture when it received the 2008 tax rebate.
Explain the difference among the government purchases multiplier and the net tax multiplier. If the MPC falls, what happens to the tax multiplier.
What are the potential long term problems for unions in agreeing to labor-management cooperation programs?
Suppose the own price elasticity of market demand for retail gasoline is -0.8, the Rothschild index is 0.5, and a typical gasoline retailer enjoys sales of $1,500,000 annually. What is the price elasticity of demand for a representative gasoline reta..
The utility function of a consumer is given by U = log(b) + log(c) where b and c are the consumption levels of barley and corn. Assume that the price for both goods is $1 and that the consumer has an income of $100. Assume that the government introdu..
Illustrate what specific factors might have accounted for this event.
q.assume that when an economy has a gdp of 500 consumption is 550. the mpc is .75. investment is 25. begin the problem
Elucidate how much consumer surplus would be created by randomly assigning buyer to sellers. Which method gives the larger surplus.
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