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After you complete your MBA you decide to open a business, named DirectDelivery. DirectDelivery is a courier service in Austin, TX which delivers packages within Austin city limits within half a day, door to door. The packages are delivered by taxi drivers, and customers are mainly law firms who want fast, secure delivery of important documents. Normally each delivery charge is $15.00 And the average number of deliveries per month is 6,000 But DirectDelivery would like to increase its volume, so this month it cut the price to $12.00 With the price cut, the number of deliveries increased to 7,000 Questions 1. What is DirectDelivery's elasticity of demand? 2. Is demand elastic, inelastic, or neither? 3. What does elastic, inelastic, or neither tell us about the elasticity of demand? 4. Why does this matter? 5. Have DirectDelivery's profits increased or decreased as a result of the price cut? 6. By how much? 7. Was the price cut a success or failure? 8. What price should DirectDelivery charge next month? $12.00 or $15.009. Why?
The demand for tickets at each game is q = 100,000 - 6,000P. If the capacity of the stadium at that university is 40,000 seats, what is the revenue maximizing price for this university to charge per ticket? I already know the answer is $10. I need..
you need to hire some new employees to staff your startup venture. you know that potential employees are distributed
1. in john stossels article in praise of price gouging stossel argues that a law banning price gouging would result in
A company obtained $500000 for a necessary technology from a venture capitalist who charges them 24% compounded monthly. the agreement calls for no payment until the end of the first month of the fourth year, with equal monthly payments thereafter..
Interpret the estimated demand function for one-month memberships and calculate the point price elasticity of demand and point income elasticity of demand in Town D at the price charged last year.
Sweetgrass Radiology Labs has a fixed amount of radiology equipment. The laboratory can hire any number of radiology technicians per hour to produce radiographs, which are displayed on a screen.
you are the chief economic advisor of the president of dreamland. right now the country has unemployment of 7.7 . the
If banks desire to increase their lending, but the Federal Reserve is not adding reserves to the banking system, what will happen to the level of short term interest rates? Explain your answer carefully.
Suppose that two competing firms, A and B, produce a homogeneous good. Both firms have a marginal cost of MC = $50. Describe what would happen to output and price in each of the following situations if the firms are at (i) Cournot equilibrium, (ii) c..
In March 2004, Ireland was the first country in the world to introduce an outright ban on smoking in workplaces. In the analyses below, when drawing your diagrams assume that workers can choose among only two products to consume at work, namely tobac..
According to Emerson: "Want is a growing giant whom the coat of Have was never large enough to cover." According to economists, "Want" exceeds "Have" because: The regulatory mechanism of the market system is:
imagine that you are a manager running a unit in a rehabilitation center. up to this point your primary population of
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