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John is running a sandwich stand and is facing the following demand curve:
Using the mid-point method, calculate the price elasticity of demand from Point A to Point B. Show the steps of your calculation.
Suppose John operates his sandwich stand at the portion of the demand curve between Points A and B. If John would like to increase total revenue, should he increase or decrease the price? Explain.
Facing keen competition, the Open University of Hong Kong (OUHK) decides to make its programmers more attractive by promising all undergraduates to have internships and job placement services before they graduate. Implementing the new services raises the operating costs and therefore the OUHK increases tuition fees by 15 percent. As a result, student enrollment increases by 25 percent. Is the price elasticity of demand for OUHK programmers elastic, inelastic, or indeterminate? Explain your answer.
Assume the frequent flyer program has raised the cost of high-yield spill two fold since trade clients who are denied boarding now take their trade
Using diagrams show what changes in price and quantity would be expected in the following markets under the scenarios given. Also say whether this represents a change in demand or a change in quantity demanded.
Consider the model of innovation and technology diffusion with two countries: Analyze graphically the effect of a reduction in the proportion of labour employed in the research sector in the follower country on the technology ratio and on the rate of..
If you had to create an instrument that measured the prosperity of a nation, Illustrate what would be the three most important aspects of the society you would include.
Show the effect of each of the following events on the market for coffee by stating 1) if the equilibrium price went up, down, or stayed the same and 2) if the equilibrium quantity went up, down, or stayed the same:
A few years ago a construction manager earning $70,000 every year working for a regional home builder decided to open his own home building company.
Illustrate distinguish between the functional distribution and personal distribution of income.
illustrate what will be the effect of an excess of planned investment over saving in a private closed economy with unemployed resources.
You know that marginal cost of last unit is $30. Should industry continue to operate at a loss. Carefully elucidate your answer
Calculate the price elasticity of demand for Einstein%u2019s Bagels and explain what it means. Derive an expression for the (inverse) demand curve for Einsteins%u2019s Bagels.
Next, suppose that the government establishes a price floor of $4.60 for wheat. What will be the main effects of this price floor? Demonstrate your answer graphically.
If each test provides$6 net marginal revenue before labor and capital costs, is expansion advisable? Show all your work and explain your answer well.
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