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Abc Inc. sells bike tires for $25. It's sales have averaged 8,000 units per month. Recently its closes competitor Efg Inc. reduced their price for bike tires form $35 to $30. A result Abc's sales declined by 1.500 units per month.A. what is the arc cross elasticity of demand between Abc Inc. and Efg Inc. ? qhat does this indicate about the relationship between the two?B. If Abc knows that the arc price elasticity of demand is for its bike tires is -1.5, what price would Abc Inc. have to charge to sell the same number of units as it did before the Efg Inc. price cut?C. What is Abc Inc.'s average monthly revenue from the sale of bike tires before e and after the price change determined in part B.?D. Is the result in part C. necessarily desirable? What other factors would have to be taken into consideration?
Find the equilibrium level of income (Y*). Construct an aggregate expenditures model showing this information. What happens to RGDP if government spending decreases by $5 billion? Provide specific numbers. Suppose this economy opens up to trade. If..
Suppose that a new government is elected that wants to keep out the poor. It declares that the minimum rent that can be charged is $2500 per month. If the government can enforce that price floor, will there be a surplus or a shortage Of how many u..
where a > 1. In addition assume that the firms target own profit maximization, compete (simultaneously) in quantities and have marginal costs equal to c1 = c2 = c. Assume that 1 > c > or equal to 0. Describing the necessary mathematical steps, and..
A domestic shoe company distributes running shoes and tennis shoes for $95 per pair. the marginal cost of producing a pair of running shoes is $60, and the marginal cost of producing a pair of tennis shoes is $45. A Chinese retailer offers to purc..
In 1984, Walt Disney brought in Michael Eisner, a Paramount executive as CEO. The firm's board of directors agreed to pay Eisner a salary of $750,000 plus a $750,000 bonus for signing on, plus an annual bonus equal to 2 percent of ..
A product comes with a 3-year warranty. Repair costs are expected to average $3500 per year, beginning in year 4. The interest rate is 10%. Determine the present worth of the crane's repair costs over its 15-year life.
a. Fill in the column of marginal products. What patent do you see? How might you explain it? b. A worker costs $100 that day, and the firm has fixed cost of $200. Use this information to fill in the column the total cost. c. Fill in the column for a..
Suppose two firms 1 and 2 compete in quantities and face a demand curve p = 100 - q. Suppose firm 1 has a constant marginal cost of 10 while firm 2 has a constant marginal cost of 40. Suppose they produce quantities simultaneously. a.Find quantity..
Assume that an individual consumes two goods, X and Y. The total utility of each good is independent of the rate of consumption of the other good. The price of X and Y are $40 and $60 respectively. Use the following table of total u..
Suppose Y is household income and he is household expenditures on health care. Use the data from the regression output to answer the given question:
Suppose xt = (1:05)t and yt = (1:02)t. Calculate the growth rate of zt in each of the following cases: a) z = xy b) z = x=y c) z = y=x d) z = x^1/2 y^1/2
Explain each of primary methods used for setting value, describing its applications, strengths and weaknesses, show the formula and compute an example for each method.
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