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You are 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?
Discuss the issue of health care in the context of the following microeconomic concepts: ?Marginal analysis ?Trade-offs ?Opportunity costs ?Normative versus positive economics
American (domestic) current event, firm, or market. Foreign (outside of the U.S.) current event, firm, or market. Favorite Case Study from the Modules Forum. Critique (challenge) another Case Study from the Modules.
In July 2007, Scholastic Publishing released Harry Potter and the Deathly Hallows at a suggested retail price of $34.99 and was rumored to be selling the book to retailers at a wholesale price of $18.99. Costco and Walmart offered the book for $18.18..
What are the strengths and weaknesses of game theory? What are its underlying assumptions? Devise a situation/scenario from your work (or another company in which you are familiar) in which game theory is immediately applicable. Sketch out its specif..
Suppose that you are trying to decide whether to spend 2,000 on stock issued by WildWeb or on a bond issued by the same company.There is a 30 percent chance that the value of the stock will rise to? 4,400 at the end of the year and a 70 percent chanc..
You are organizing a group of people to visit a state park for a day trip. You have to rent cars and hire drivers for the transportation. If you rent C cars, and hire D drivers, your utility function is U=min(C, D), because you have to find one drive..
If CPI was somehow able to monopolize the market what would happen to the price of toothpaste, would it rise or fall? What would happen to the profits CPI makes via their toothpaste division?
Should Congress be more descriptively representative? How could this be ensured? Would it threaten democracy if representatives of particular demographic groups were favored in elections in order to bring about more descriptive representation?
Due to a bust of stock prices, consumer wealth declines, and consumer confidence drops dramatically. Use the AD-AS model to predict what happens to the economy, both graphically and verbally. What happens to aggregate demand? What happens to the leve..
This focuses on the relationship between inputs and output. Different production curves are presented. But the intensity of current global competition often requires managers go beyond the traditional production curves.
"How do people decide how much to work?" Time is scarce resource you may know this very well as a student. There's just not enough time to do everything we'd like to do. How do we decide how much of our time to spend working? "How do firms decide w..
What is the probability that a can of soup will have between 9.4 and 10.3 ounces? What is the mean weight of a can of soup? d. What is the standard deviation of the weight?
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