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if a men's store sells 30 ties a day with a $5 price, but sold 50 ties per day when price dropped to $3, what's the absolute value of the price elasticity of demand?
If the price of a good is increased by 15%, and quantity demaned falls by 20%, what is the elasticity of demand?
If a good has a price inelastic demand, what are the characteristics of this?
a tax imposed on the sellers of a good will raise the what?
Two similar surgeries, breast reconstruction and breast augmentation, have different prices. Breast augmentation is cosmetic surgery not covered by health insurance. Patients who want the surgery must pay for it themselves.
Suppose Mary has an income of $80 to buy bags and belts. The price of a belt (good 1) is $10 and the price of a bag (good 2) is $20. Derive the intercept-slope equation of Mary’s budget line. Graph her budget line. As always, label the axes and ident..
Why do you believe that it is important for managers to understand both short run and long run supply and demand? Cite one hypothetical or real life example that illustrates your response.
In the long run for a monopolistically competitive firm:
Skyscraper City has a subway system, for which a one-way fare is $1.50. There is pressure on the mayor to reduce the fare by one-third, to $1.00. The mayor is dismayed, thinking that this will mean Skyscraper City is losing one-third of its revenue f..
Elucidate a process under which the competing oligopolists can divide the cake so that the two consumers (who are also the producers) are protected from the downfalls of consumers in oligopolistic markets.
Twin sisters Rose and Iris each have $100 to spend on flowers (X) and all other goods (Y). Flowers cost $2 each, and all other goods (AOG) have a composite price of $1 each. Assume that their preferences are represented by convex indifference curves...
Describe the makeup of food service industry in canada. What is the size in sales dollar of the food service industry in canada? How had the industry been trending over the last several years? Explain with numbers and cited facts please give the refe..
A firm that is considering one independent project should accept it if
In the classic Ricardian model, international trade can lead to increases in the world output of both products and increases in consumer welfare in both countries. An increase in labor endowment will have the same effect of the Ricardian PPF as an im..
The federal government is trying to decide what to do with the surplus they expect to have this year. They increase spending on schools. Determine whether the rate rise or fall? Does the loanable funds rise or fall?
The following figure shows the demand and supply in a market, and the supply when there government decides to impose a specific tax and collect it from the producers. What ad-valorem tax (% collected from the producers revenue) would generate the sam..
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