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Suppose you are the manager of a restaurant that serves 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 these two points.
Would you expect total revenues to rise or fall? Explain.
Suppose you have reduced the average price of a meal to $18 and are considering a further reduction to $16. Another survey shows that the quantity demanded of meals will increase from 450 to 500 per day. Compute the price elasticity of demand between these two points. Would you expect total revenue to rise or fall as a result of this second price reduction? Explain.
Compute total revenue at the three meal prices. Do these totals confirm your answers in (b) and (d) above?
Suppose that the American Heart Association has determined that pistachios are extremely heart healthy and can lower bad cholesterol levels. Is the information likely to cause a shift in demand or supply? What will happen to price?
If a country desires to have stable prices (or low inflation), why not simply pass a law that prohibits firms from changing prices? Elucidate pros and cons associated with this case.
What would be the value of consumer surplus if the market were perfectly competitive? What is the value of the deadweight loss when the market is a monopoly?
Discuss how advertising affects consumer demand. Discuss how advertising affects consumer demand. Explain why fiscal policy might be needed. Explain how fiscal stimulus or restraint is achieved
An economic system, in which economic decisions are controlled by the internal interaction of supply and demand, is known as a Illustrate what.
You are paying $30,000/yr for your four year college degree. You could be earning $20,000/yr if you worked instead. After graduation you will earn an immediate $30,000 signing bonus and $40,000/yr for 6 years and then you retire. Is your education a ..
When the exchange rate falls by more in the short run than it does in the long run when the money supply increases, it is called.
Why it is generally not reasonable to say that a particular Pareto-efficient allocation is the most desirable allocation that can be reached.
q.a firm sells its production in a perfectly competitive market at a fixed cost of 10 per unit. it buys 2 inputs l as
If a firm has market power but cannot prevent its customers from reselling the product to other customers, the firm will:
An increase in autonomous investment will cause equilibrium output to increase
The shape of Canada’s production possibilities frontier (PPF) should reflect the fact that as Canada produces more trucks and fewer cars, the opportunity cost of producing each additional truck ______
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