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What can you conclude about the price elasticity of demand in each of the following statements?
a. “The pizza delivery business in this town is very competitive. I’d lose half my customers if I raised the price by as little as 10%.”
b. “I owned both of the two Jerry Garcia autographed lithographs in existence. I sold one on eBay for a high price. But when I sold the second one, the price dropped by 80%.”
c. “My economics professor has chosen to use the Krugman/Wells textbook for this class. I have no choice but to buy this book.”
d. “I always spend a total of exactly $10 per week on coffee.”
Choose a market for a good in your area that seems to be a perfectly competitive market. Write four or five substantive paragraphs that describes the market and answers the following questions: Identify the buyers and sellers as well as the goods o..
Budweiser, Miller and Coors who together produce 80% of all beer consumed in the US, each spend well over $250 million a year on television advertising campaigns, promoting their beer brands.
Be sure you fully discuss the economic condition stated in this problem from a theoretical and practical viewpoint. Fully support your statement with references.
Evaluate the following: The laws of supply and demand cannot apply to the labor market because labor is not a commodity to be bought and sold like machines.
The largo Publishing House uses 400 printers and 200 printing presses to produce books. A printer's wage is $20 and the price of a printing press is $5000.00. If not, how should the manager of Largo Publishing house adjust input usage?
Describe the lower price alter the marginal utility you originally placed on the item.
According to the American Metal Markets Magazine, the spot market price of U.S. hot rolled steel recently reached $580 per ton. Less than a year ago this same ton of steel was only $260. A number of factors are cited to explain the large price inc..
The Toys-R-Danger-Us Toy Company can produce 500 water pistols for a total cost of $1,400. The company can also produce 1,000 water pistols for a total cost of $3,000, but it would have costs of $200 even if it produced no water pistols.
Assume that the business cycle in the US is best described through RBC theory. An advance in technology raise productivity.
Describe the functions also role of law in business and society.
There is a great deal of uncertainty about how likely it is that we will experience a bio-terrorist attack using smallpox. Does it still make sense to rely on estimates of costs and benefits when it is so hard to measure them
Describe your understanding of what makes a cost or factor relevant to economic reasoning.
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