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Optional Price. Last month, Rick\'s Bike shop, Inc. increased the price on the 24 ounce can of bearing grease by 1%. In response, sales dropped by 4%.
1. Calculate the point price elasticity of demand for bearing grease.
2. Calculate the optional price for bearing grease if marginal cost is $4.50 per unit.
From each pair of goods, pick the good for which demand will most likely be more elastic:
Show the area on the graph that would correspond to consumer's surplus earned by the typical boarder/skier with this payment scheme. Explain your answer briefly.
Assume x and y are the only two goods a person consumes. If after a rise in p x , the quantity demanded of y decreases, one could say
A firm has offices in London and New York. Fractional units of labor can be employed in each location (as part-timers can be hired) and the headquarters could be in either city.
How much will this consumer be willing to pay for the product if the firm offering the reliable product includes warranty that will protect the consumer? Explain.
The Mor Tex Company assembles Garments by hand even though a textile machine exists that can assemble garments faster than a human.
The government imposes a fixed fee per year on each firm operating in a competitive market.
Suppose that natural real GDP is constant. For every 1 percent increase in the rate of inflation above its expected level, firms are willing to increase real GDP by 2 percent. Draw the new short-run Phillips Curve.
Two identical firms face linear demand. Market demand is given by P=30-Q. Compare graphically consumer and producer surplus in Cournot and Stakelberg equilibria to perfect competition.
Point out how each of the following would shift the 1) average-variable-cost curve, 2) average-fixed-cost curve, and 3) average-total-cost curve. Mention two types of businesses that their costs are mostly variable costs, and list 2 types of busin..
Suppose that the assumption in key concept are satisfied. Show that X i is a valid instrument. That is, show that key concept 12.3 is satisfied with Z i = X i .
What is the optimal level of production of wine decanters? Verify that this level of output maximizes not minimizes profit
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