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The data in the table above give two points on the demand curve for pizza. Using the midpoint method when the price of a pizza falls from $10 to $9, what is the price elasticity of demand? a) 0.5 b) 0.6 c) 0.9 d) 2.1 e) 8.6 The values on the table: Price for pizza 10 quantity demand per day 100 Price for pizza 9 quantity demand per day 125
Describe the pros and cons of protectionism and free trade. Discuss which you feel is better for the economy? Why?
The Berwyn Company is considering the addition of a new product to its product line. The firm has plenty of excess manufacturing capacity to produce the new product, and its total fixed costs would be unaffected if the new product were added to its l..
Consider now an economy where you need to search for a job. Let b be the fraction of people that do not have a job and are searching for one. Write the equations describing the dynamics of those employed (E) and those who are not employed (NE). Compu..
If a producer offers a price that is below a consumer's valuation of the good, the consumer:
What firms need to do in order to bring in the most talented people and make the fullest possible use of their abilities.
3. assume a monopolist who sells a product with a total cost function c -100q 15q2. the market demand is given by the
Consumer spending during holiday seasons affects the aggregate demand (AD) in the economy. AD drastically declines during serious recessions. Explain what President Roosevelt might have been trying to achieve, using the model of aggregate demand and ..
Illustrate the full income budget constraint on an individual who has T0 units of discretionary time, Y0 units of unearned income and a wage rate of W0. In the same diagram, illustrate the utility maximizing choice of leisure and goods/income. Indica..
Discuss the necessary conditions to make price discrimination work and the best practices to use price discrimination to maximize profits while avoiding price wars.
Why do points on a utility possibility curve represent efficient allocations of resources? Why must the utility possibility curve be downward sloping
q.at a recent board meeting ceo and president got into a heated argument about whether to shut down the firms plant in
q.this is a drag-and-drop question. click on the curves below and drag them to a new location on the graph that will
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