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2. (Elasticity) Read the New Yorker article, "Amazon's Failed Pitch to Authors," available at the following link: www.newyorker.com/business/currency/amazons-failed-pitch-authors (a) Assuming that Amazon's internal figures are correct, compute the arc elasticity of demand for the change in price from $14.99 to $9.99 by using the corresponding quantity numbers from the article. (b) The literary agent, Brian DeFiore, worries that Amazon might continue to lower prices, to perhaps as low as $4.99. Assume that the demand curve for e-books is linear and that Amazon maximizes revenue on its e-book sales. What price would Amazon charge? [Hint: If you assume demand is linear you can work out its formula from the data in the article.] How would your answer change if the demand curve were of the constant-elasticity form (as in Q&A 3.2)?
Explain what could happen in the future with each of these trends below and come up with three(3) more trends not listed and do the same analysis for your three additions.
Gentleman Gym just paid its annual dividend of $3 per share, and it is hugely expected that the dividend will raise by five percent per year indefinitely.
What market structure is used to benchmark allocative efficiency and why do we use it? Illustrate and explain using a diagram
Find out the equilibrium price and quantity and illustrate with a graph. The government imposes a tax of $5.00. Find the new equilibrium price and quantity. Determine the total tax revenue earned by the government
What is the Underground Economy? What effect, if any, does the Underground Economy have on the entire economy? Is it positive, negative, or has no effect?
what is the levelized cost of electricity per kW-hr and Which press should you purchase if 120,000 nondefective units per year are produced by each press and all units can be sold?
The basic economic argument for greater income equality is that: an equal distribution of income is the logical outcome of any tax-transfer program. because citizens enjoy political equality, they are also entitled to economic equality.
Select an organization you work for or are familiar with. Could the organization you have chosen lower prices to increase revenue?
Compute the pre-merger HHI measures for each market. How would a merger affect the market's HHI?
Alfred Kahn, currently an economics professor at Cornell University, led the United States drive to deregulate airline industry as chairman of the Civil Aeronautics Board under President Jimmy Carter.
How will an increase in ethanol production impact the supply and demand for corn, soy beans, and other alternative fuel resources What impact might this have on other goods and services dependent on these resources
A country recently passed a food stamp legislation. Qualified households are given food stamps, which can be used to purchase foods, but they cannot legally re-sell the food stamps
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