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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 change if you increase the price of good X by 2 percent?
Many monopolies are constructed by governmental legislation. like post office, local water company, local gas company, cable TV provider, local electric company.
An externality is a) a cost or benefit resulting from some activity or transaction that is imposed or bestowed on parties outside the activity or transaction b) the total cost to society of producing an additional unit of a good or service c) th..
france can gain specialization and trade as it recieves more than __________( 7lbs,1lb,4lbs,1/4lb,1/7lb)of fish per each bottle of wine it exports to austrailia.similarly australia can gain from trade as long as it recieves more then _______(4 blo..
Explain what happens to the primary deficit in year t if the nominal interest rate in year t increases to 17%.
Devise a government subsidy that will induce private education providers to educate socially optimal number of students. Explain. Provide a $ amount for the subsidy.Does it ever make sense to not educate some students. If the example were couched ..
Hypothesize the basic short-run and long-run behaviors of the model in the industry you have chosen in a market economy. and analyze at least three (3) possible areas for the industry that could lead to transaction costs, and explain each in detail.
Choose a United States multinational firm. In terms of currency denomination, discuss how the company values its revenues and costs.
A firm produces 10 units per week at a price of $500 each. With AFC of $100 and AVC $350 per unit, the firm is earning economic profits of $500 per week.
What forecast would you make for the merged firms' profits and what explanation might there be for such a strategy? After the merger, what prediction would you make about advertising rates?
Supposing a products is produced both in the US and abroad what would be the effects of the US import quota on the good? Discuss some of the attributes of the new economy.
The Big Box Company is a firm in a perfectly competitive industry. The average rate of return on capital in this industry is 10%. Thus, if the Big Box Company earns a 10% rate of return.A perfectly competitive firm is charging $7 and selling 1500 u..
Explain the following statement: "Changes in disposable income lead to movements along the consumption function while changes in wealth lead to a shift of the consumption function.
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