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Suppose you are the manager of a restaurant that services an average of 400 meals per day at an average price per meal of 20$ on the basis of a survey, you have determined that reducing the price of an average meal to 18$ would increase the quantity demanded to 450 per day.
Compute the price elasticity of demand between two points.
Total revenue to rise or fall?
Since fall of 2004, increasing oil prices over $70 per barrel in spring of 2006 have frequently ended stock market rallies and led to refuse in all major stock indexes.
Assume that the unemployment benefits provided by the private sector (firms) are increased permanently, please answer the following questions.
The term oligopoly refers to
An economy is in long-run macroeconomic equilibrium with an unemployment rate of 5% when the government passes a law requiring the central bank to use monetary policy to lower the unemployment rate to 3% and keep it there.
1. Demonstrate an ability to critically discuss the contents of the module in relation to the real world. 2. Describe the constraints faced by governments as a result of globalisation.
Currently the state of ohio imposes no sales tax on food products in grocery stores. Suppose that the government passed a bill to impose a $0.6 sales tax for each gallon of milk on consumers.
Calculate the profit-maximizing price and quantity combination for the firm. What are the firm's profits and calculate the equilibrium price and quantity algebraically
Gross Domestic Product equals $1.2 trillion. If consumption equals $690 billion, investment equals $200 billion, and government spending equals $260 billion, then:
Suppose a firm producing a commodity X is a price taker. The prevailing market price for X is Php. 20. The firm’s cost is given by TC=(0.1q^2)+10q+50 where q=the number of X the firm chooses to produce per day.
Plato, a Greek philosopher who lived from 427BC to 347BC, famously wrote that, "Necessity is the mother of inventions."you agree with this statement.
Illustrate what are the effects of the current tax policy on US businesses in the short-run and in the long-run.
Explain how to describe price elasticity of demand. What are the factors that affect price elasticity of demand.
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