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The demand for gasoline is inelastic and the demand for t-shirts is elastic. Let's assume that Company A produces and sells gasoline and Company B produces and sells t-shirts.
a. Explain what happens to total revenue if Company A increases its prices.
b. Explain what happens to total revenue if Company B increases its prices.
A monopolistic firm faces the following demand curve. What would be its equilibrium profit? What price should it charge if it were to maximize its revenue? What would be its profit if it maximized its revenue? If this monopoly were to behave like a ..
Robert’s New Way Vacuum Cleaner Company is a newly started small business that produces vacuum cleaners and belongs to a monopolistically competitive market. What are the profit-maximizing price and output levels? Explain them and calculate algebraic..
they added five workers, and productivity also increased by 50,000 pages per day. Copiers cost about twice as much as workers. Would you recommend they hire another employee or buy another copier?
In the early stage of her administration, Fed Chair Janet Yellen focused on maintaining a monetary policy of low interest rates to continue the Fed’s efforts to stimulate the economy. However, the article assigned indicates she faces some longer-term..
Suppose that a certain country has an MPC of 0.9 and a real GDP of $500 billion. If its investment spending decreases by $8 billion, what will be its new level of real GDP?
What are your opportunity costs of water and dates? What are Mohammed’s opportunity costs of water and dates?Who has an absolute advantage in dates and water production and who has a comparative advantage in dates and water production? How many dates..
Calculating MPC, In one year, a consumer's income increase by $400 and her consumption increases by $120. Her marginal propensity to consume is equal to.
q1. what do you mean by an institution? explain how do institutions influence economic life? also explain how does
what happened to real output? by how much would the price index have had to rise for real income to remain constant?
Computer time saved is worth $325 per hour and the interest rate is 12% compounded monthly. Should the old unit be replaced now? If the system is used 16 hours per day, calculate the IRR represented by using the improved storage system.
If Englad can produce either 15 units of corn or 30 sweaters in one unit of labor and Portugal can produce 10 units of corn and 5 sweater in one unit of labor as well, explain how would each nation benefit (numerically) from trade.
A multinational company is accused of paying bribes to the government of a host country to obtain permission to build a production factory. the public relations manager of the company defends the company's actions as being ethically sound; he states ..
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