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You run a small business and would like to predict what will happen to the quantity demanded for your product if you raise your price. While you do not know the exact demand curve for your product, you do know that in the first year you charged $45 and sold 1200 units and that in the second year you charged $30 and sold 1800 units.
a. If you plan to raise your price by 10 percent, what would be a reasonable estimate of what will happen to quantity demanded in percentage terms?
b. If you raise your price by 10 percent, will revenue increase or decrease?
Calculate the money supply, the currency deposit ratio, the excess reserve ratio, and the money multiplier.Suppose the central bank conducts an unusually large open market purchase of bonds held by banks of 1400 billion due to a sharp contraction i..
ECON 301 Intermediate Microeconomics Assuming diminishing marginal utility and an indifference curve with Apples on the X axis and Cheese on the Y axis, fully explain how the slope of the indifference curve measures the relative value of the goods ..
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One way to reduce the amount consumers spend on health care is to raise the price of health care by increasing the health insurance copayment
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Libertyville has two optometrists, Dr. Jones (J) and Dr. Smith (S). Each optometrist can choose to advertise his service or not. The net revenue to each optometrist, in thousands of dollars, is listed on the payoff matrix below
You currently take the subway to work. although taking the bus is cheaper, the ride takes longer. so you are willing to pay the higher subway fare in order to save time.
Explain why the waiter will provide bad service and since you are interested in good service, can you convince the waiter, in a binding/credible manner that you will tip him?
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