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Q1. Cross-Price Elasticity. B.B. Lean is a catalog retailer of a wide variety of sporting goods and recreational products. Although the market response to the company's spring catalog was generally good, sales of B.B. Lean's $140 deluxe garment bag declined from 10,000 to 4,800 units. During this period, a competitor offered a whopping $52 off their regular $137 price on deluxe garment bags. Calculate the cross price elasticity.
Q2. 1. Consider yourself. Is your individual labor supply curve upward sloping, downward sloping, or backward-bending? 2. Compare and contrast the substitution effect and the income effect in the work hours decisions of individuals.3. What happens to the work hours of an individual if her wages increase and the income effect dominates?4. Consider a product market for a normal good. Suppose consumers' income increases. Explain what will happen to labor demand for firms in that market.
its lenders requested that the firm disclose full information about its revenues and costs. Elucidate why Brownstown's management was reluctant to release this information to its lenders.
If due to over-harvesting of coconuts they become more difficult to acquire, taking 2 hours to pick one coconut, Illustrate what combination will maximize utility.
which limits amount of goods they can purchase. Preference Consumers always choose goods which give most pleasure. So how do we measure about pleasure.
A company estimates its annual expenses, Y, in dollars from Y = 0.235X^2+7X+4 and annual revenue in dollars from 0.215X ^2+ 16X where X is annual units sold. Find the value of X that gives maximum profit. Round to nearest integer
Mustard and mayonnaise are substitutes. Mustard and relish are complements. Mustard is a normal good. During the summer, about 50% of all mustard was recalled by manufacturers and removed from store shelves.
Find the optimal output and retail price for a vertically integrated monopolist, either using a graph or calculus. Illustrate answer with graph.
During the last 10 years, Orlando, Florida grew rapidly, with new jobs luring your people into the area. Despite increases in population and income growth that expanded demand for housing, why the price of existing houses barely increased.
What is the rationale behind the choice of target or acquirer, if appropriate for your opening bid and your overall bidding strategy.
Compute the corresponding Compensating and Equivalent Variation. Illustrate your answers graphically. Compute the compensating demands for goods X and Y. Illustrate your answers graphically.
Utilize these values at this point on demand to make the subsequent computations.
Consider decision making process used by consumers as they budget their money to maximize use of their resources.
Explain how the MAS have successfully used exchange rate policy to achieve price stability for the last two decades.
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