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the manager of a firm that receives revenues of $40,000 per year from product X and $90,000 per year from product Y. The own price elasticity of demand for product X is -1.5, and the cross-price elasticity of demand between product Y and X is -1.8.
How much will your firm's total revenues (revenues from both products) change if you increase the price of good X by 2 percent?
Explain why does a production possibilities curve bow out rather than forming a straight line sloping downward from left to right.
What is the maximum per unit that sellers are willing to pay intermediaries if hiring them saves buyers $8 in transaction costs c. Does your answer to Question 16a change if buyers pay $8 per unit to the intermediary but sellers offer to rebate pa..
Why is an increase in the number of varieties of a good regarded as a gain from trade? Can you think of economic disadvantages associated with greater product variety? Explain. Is the distinction between "intra-industry trade" and "inter industry t..
suppose a person defects from cuba (a country that generally disregards the use of markets) to the united states and asks to see a market in action. when would you take her? did you give her a complete showing of this market?
Why the price of computers dropped as their power and features has have increased?
If the price of processor chips used in manufacturing personal computers decrease, what will happen in the market for personal computers? How will the equilibrium price and equilibrium quantity of personal computers change?
Compute total revenue, marginal revenue, total cost and profit at each quantity. What quantity would a profit-maximizing publisher choose? What price would it charge?
Many people believe that Congress will eventually have to reduce Social Security benefits in order to reduce the budget deficit. Although most of the changes would not take place until later, assume for the purpose of this problem that Social Securit..
An employee receives a letter of reprimand that goes in his personnel file but is not demoted and not suffer any other action. Does the letter constitute an adverse employment action? Why or Why not?
Describe the factor which determine the slope of the LM curve and whether an increase in theses factor(s) will make the curve flatter or steeper.
Can you explain how FISCAL POLICY (making changes to government spending and taxes) would affect Aggregate Demand (AD) How do these two mechanisms of expansionary policy differ
James Pizzo is president of a company that is price leader in the industry; that is, it sets the price and the other firms sell all they want at that price.
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