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Sonic Boom Corporation sells drum sets. At a price of $600 per set, they sold about 500 sets per month. The new general manager for this product, Ella Sticity, decided that the company needed more revenues and increased the price to $700 per set. However, Sonic Boom is now selling only 200 drum sets per month at the new price. What is the arc price elasticity for this product? Define price elasticity and how it should be used for pricing this product. What do you recommend for the price of this product (e.g. stay at $700 or change, higher or lower?) and what additional information would be useful in the pricing decision? What would be your recommendations for setting up a model to forecast future demand for this product?
what does your anticipated adjustment process imply about the CR for the industry. industry B has 20 firms and the concentration ratio is 85%
Discuss two fiscal policy measures taken by the government that attempted to minimize the recession and provide for economic stabilization when the the economy apparently was heading for recession in 2007.
Review the discussion in the lesson regarding the financial crisis. Discuss each of the following points. Use sources from the ITT Tech Virtual Library to add to your answer.
Suppose a monopolist manufacturer sells his products through a monopolist retailer. The marginal cost of production is c = 5. Assume that retail demand is Q(p,s) = s(10-p)100, where s is retailer's level of effort to sell the product. The cost..
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Suppose that on January 1, the price of one hundred yen was $0.80 and PPP held. Over the year, the Japanese inflation rate was 5 percent and the U.S. inflation rate was 10 percent.
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If the American auto companies make a breakthroufh in automobile technology and are able to produce a car that gets 70 miles to the gallon, what will happen to the value of the dollar? Use the demand-supply model of the dollar to explain.
Elucidate the importance of credibility when evaluating a firm's potential moves.
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Assess what the results of the regression equation tells managers and how it is likely to impact decisions made related to maximizing profitability.
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