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"An end- of- aisle price promotions changes the price elasticity of a good from – 2 to – 3. If the normal price is $ 10, what should the promotional price be? NOTE: Use (P-MC)/P = 1/?e? to calculate MC and then use the same equation to find out the new price." Hi, any assistance with this will be greatly appreciated.
Determine how much a car owner would be willing to invest to achieve the new energy efficiency standards of 54.5 mpg. Assume that gasoline sells for $2.50/gallon and the owner expects to receive a 5% return on their investment. The owner travels 15,0..
If it cost Wardco $10million to treat the water and the value of mined products to customers is $8million, requiring water treatment would kill the project. Should Wardco be required to treat the water in this case?
During the Reagan administration, the marginal tax rate on wage income fell dramatically. Forexample, the top rate was sliced from 70 to 33 percent. Use the demand theory of healthinsurance to predict the effect of this change on the quantity demande..
Suppose that you are the economic advisor to a local government that has to deal with a politically embarrassing surplus that was caused by a price floor that the government recently imposed. Your first suggestion is to get rid of the price floor, bu..
According to microeconomics, individuals tend to act in their own self interest. However, Mankiw offers no recommendations in the opening chapters of his text for how humans can re-sculpt their brains so that their expression of self interest is more..
Suppose a wage increase from $11 to $13 an hour increases the number of job applicants from 42 to 56. What is the price elasticity of labor supply?
Which of the following statements goes against Porter's 5 forces model?
Describe the implications Stanley Cavell’s ordinary language philosophy has on democracy and education. Provide an example of ordinary language philosophy. Examine the ideas of mutual reflection and mutual understanding as it relates to cultural diff..
how can two countries both be better off as a result of trade? how can tariffs protect u.s. jobs? do tariffs lead to a
Assume firm A wants to merge with firm B for $7.5 billion. Before the potential merger, the market for the good produced by firm A and B consisted of five firms. The market was highly concentrated, with a Herfindahl-Hirschman index of 2,621. Firm B’s..
You are an Economist advising the Federal Government about the Australian Labour Market and issues relating to unemployment - what types of unemployment are the most serious?
Assume a firm is currently producing 500 units of output, total costs are $24,000, and average fixed costs are $6. Based on this information we can conclude, with certainty, that the firm's:
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