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For each of the following scenarios determine if demand if elastic, inelastic, or unit elastic.
a. Joe can sell 100 shovels if he prices his shovels at $12 or he can sell 130 shovels if he prices his shovels at $10. The demand for shovels is _______________.
b. Emily sold lemonade on Tuesday for $.50 a cup and she sold 100 cups. On Thursday she raised the price to $1 a cup and sold 50 cups. The demand for lemonade is _________.
c. Martin can sell 2000 boxes of detergent if the price is $10 and 1800 boxes if the price is $11. Demand for detergent is __________.
Assume that macroeconomic forecasters predict that the economy will be expanding in near future. How might managers employ this information
Suppose the income elasticity of demand for pre-recorded music compact disks is +6.0 and the income elasticity of demand for a cabinet maker's work is + 0.6.
The Wall Street Journal reported that recent law school graduates were having a very difficult time getting jobs in the legal profession. Many law schools said that ten to 20% of their graduates still had not found jobs.
Draw the labour supply curve for taxi drivers in New York City based on this estimate. Note: Since you have no data on wage rates and hours of work supplied, you are expected only to provide a rough approximation of the supply curve.
What are the contributions of these transactions to GDP in the years 2013 and 2014?
Suppose the government decides to increase taxes by $30 billion in order to increase Social Security benefits by the same amount. How will this combined tax-transfer policy affect aggregate demand at current prices
"The thing a lot of people don't understand about e-commerce is the degree to which it is a scale business. While a conventional retailer might have to double its capital spending to double sales, Amazon's costs are largely fixed.
Given a numeric production schedule, you will calculate profit and make decisions about short-run profitability to answer questions relating to your calculations. Jerry's Lock Shop is a perfectly competitive firm, and Jerry is operating at his lev..
A permanent endowment at the University of Alabama is to award scholarships to engineering students. The awards are to be made beginning 5 years after the $10 million lump-sum donation is made
A big city just doubled the yearly fee for hot dog push carts that had exclusive rights to a spot just south of big museum of art to $288,000
If each vendor sells exactly 100 hot dogs a day and the demand for hot dogs from vendors in the city is Q = 4400-1200P, how many vendors are there?
Suppose the consumption function is: C = a1 Yd + a2 WRE/S + a3CC Where all the a's (the sensitivity parameters) are greater than zero. Initial conditions: Let a1 = 0.60, a2 = 0.04, a3 = .5, WRE/S = 18,000: CC = 90 Solve for C in terms of Yd. Se..
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