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Suppose that the current market price of VCRs is $300, that average consumer disposable income is $30,000, and that the price of DVD players (a substitute for VCRs) is $500. Under these conditions annual U.S. demand for VCRs is 5 million per year. Statistical studies have shown that for VCRs the own-price elasticity of demand is –1.3. The income elasticity of demand for VCRs is 1.7. The cross-price elasticity of demand for VCRs with respect to DVDs is 0.75. Use this information to predict the annual number of VCRs sold if increasing competition from Asia causes VCR prices to fall by 10% with income and the price of DVDs is unchanged. 4.35 million 5.65 million 5.85 million 4.58 million
Using the principles of covered interest parity, Explicates how a local industry can utilize a LC loan to synthetically create a 1-yr USD loan.
Suppose that they are thinking of every specializing completely in the area in which they have a comparative advantage also then trading.
explain how would this change affects the optimal investment rule for the firm.
Describe the budget constraint which she faces when deciding how many drinks to buy.
Using the numbers that you calculated above, explain the relationship between the marginal cost and average variable cost.
Ralph Sampson, the company's CEO, want to cut back on production of the fishing anchor so that the company can make more yacht anchors.
Assume Harrison, Carla and Fred have only paintbrushes at their disposal. Illustrate what is the average labor productivity, in terms of square feet per painter-hour, for the three painters taken as a team.
Compute the (point) price elasticity of demand when price is $700. Is demand elastic or inelastic. Find the point at which point elasticity is equal to -1.
The New York City rent stabilization law of 1969 established maximum rental rates for apartments in New York City
As a manager, Explain how would you decide Explain how many workers to hire. Illustrate factors might play a role in your decision.
Suppose the T-account for ABC bank is as follows: assets: reserves($150000), loans(250,000)and deposits $400,000.if the fed requires banks to hold a 10 percent of deposits as reserves explain how much in excess reserves does ABC holds.
A firm can determine how many resource units to acquire by comparing Marginal Revenue Product and Marginal Factor Cost, then continuing to acquire another unit so long as its MRP exceeds, or at least is no worse than, its MFC.
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