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If the price of a slice of pizza at a local pizzeria is $5.00 and the quantity demanded at this price is 50 slices. What is the price elasticity of demand for pizza if, when the price is increased to $5.50, the quantity demanded for pizza slices falls to 30 slices? An analyst working in this area reveals that generally pizza has a price elasticity of demand equal to 0.8. If this was true, what should have happened to the quantity demanded for pizza slices at this local pizzeria? (Compute this). Finally, provide an explanation for why the results from the analyst might be plausible even though not compatible with the actual outcome for the pizzeria.
In this assignment you will apply consumer choice theory and marginal analysis to business problems. Explain how your own current household budget, tastes and preferences, and future expectations determine how much of each of these products you purch..
In the short run, what is the profit-maximizing price of e-books relating to do-it-yourself topics? At the profit-maximizing quantity, what is the average total cost of producing e-books?
Suppose that an increase in consumer confidence raises consumer expectations of future incomes and thus amount y want to consume today this might be interpreted as an upward shift in production function how does this shift affect investment and r..
Your bank has the total asset of $120 million, and the total liability of $90 million. The duration of assets is 2.5, and the duration of liabilities is 1.3 years. What happens to its net worth (NW)?
Q. Explain how and why a monopoly would try to price discriminate. Serving food on weekdays to business people and retired people.
Illustrate what way are entrepreneurs also businesses at the helm of the economy but commanded by consumers.
If a market is perfectly competitive and is in long-run equilibrium, which of the following conditions does not hold?
Consider a situation in which U.S. interest rates are, for the most part, higher than interest rates of other nations. From the perspective of the International Fisher Effect, would you predict that the U.S. dollar will strengthen or weaken? In the c..
A firm is currently producing their profit maximizing quantity of 600 units of output using 150 hours of labor and 50 hours of capital. The marginal product of labor is 10 units of output per hour and the marginal product of capital is 30 units of ou..
1. One IKEA executive says that the current global economic situation has "pushed innovation" at the company. In fact, he say, "This is a great time to be more innovative." Explain what he means.
State whether the following will result in a change in demand or a change in quantity demanded. Explain.
A fractional banking system is fundamentally prone to the (speculative, liquidity, bailout, or monopoly) problem because it creates more receipts for deposits than there are in reserves in the system.
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