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You are the manager of a firm that receives revenues of $60,000 per year from product X and $90,000 per year from product Y. The own price elasticity of demand for product X is -1, and the cross-price elasticity of demand between product Y and X is 1.2.
How much will your firm's total revenues (revenues from both products) change if you increase the price of good X by 1 percent?
Authentic Thai rattan chairs are delivered to Gary Schwartz's chain of retail stores, called The Kathmandu Shop, once a year. The reorder point, without stock, is 200 chairs. Carrying cost is $40 per unit per year, and cost of a stock out is $70 per ..
You've recently learned that the company where you work is being sold for $475,000. The company's income statement indicates current profits o. $18,000, which have yet to be paid out as dividends. Assuming the company will remain a " going concern" i..
Assume that household consumption decision suddenly become less sensitive to change in the rate of interest.
Define the concept of an externality. Why will unregulated market systems not allocate resources efficiently where externalities are present? Draw a diagram to illustrate the over allocation of resources to a market characterized by negative external..
Describe the tragedy of the commons. What problems are presented by the tragedy of the commons for moral evaluation of technological development? How would you address these problems?
q1. least degree of confidence in an economic generalization?q2. what is example of propaganda?q3. a. assume the
What are required reserves? What are excess reserves? Explain how the Fed can affect the quantity of excess reserves in the banking system. Explain why an individual bank can increase the money supply by the amount of its excess reserves, whereas the..
q1. the demand for basic food stuffs like grains tends to be inelastic with respect to price. use this factor to
Why the incidence of the tax a consideration when government imposes this tax increase.
Illustrate what happens to total income from shoe sales (Estimate P x Q before and after cost change). Repeat exercise for initial costs being decreased to $40 and $20, respectively.
Is the perfectly competitive model a good benchmark for an economic system which uses Biblical worldview? Use Scriptural support where appropriate and also comment on the perfectly competitive model as a guide for public policy. What should be the ro..
Think our company should take advantage of economies of scale by increasing our output, thereby spreading out our overhead costs.
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