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If elasticity is -2, price is $10, and marginal cost is $8, should you raise or lower price?
Lower price. Since demand elasticity is greater than 1 (absolute value) revenues will be increased, and since price is above marginal costs profits will increase.
Should the organization or industry continue, develop, or decrease current operations in order to maximize profits? Explain your answer.
Determine the marginal cost for bottle of wine and what will be the reduction in number of crashes at that intersection achieved by the mayor?
Why is the demand for water price-inelastic and in those regions where outdoor use of water makes up relatively large portion of total use, the price elasticity is high. Why?
Current economic theory and their application or lack of application to contemporary economic problems
Examine who the winner and loser would be - either the borrower or the lender in the given scenario. Provide support for your response.
What will happen to Y (GDP), r (real interest rate), P(price level), and I(investment), in the short run ?The answer should indicate will these values increase or decrease in the short run.
Describe the concept of the law of "diminishing returns" and why does it take place only in short run? Differentiate between "the long run return to scale" and "economies of scale."
Compute the cross-price elasticity of demand between goods X and Y at the given prices. What is the own price elasticity of demand at these prices?
Draw the game as a table. What are the Nash equilibria of this game? How does this game differ from a prisoner's dilemma, and how can participants achieve the optimal (both hunt Stag) outcome?
Michigan is offering financial incentives to improve health. Using economic model(s) demonstrate the impact of such policy on efficiency of the medical care system.
In the United States real estate brokerage industry, brokers employed by large brokerage companies have traditionally worked for a portion of the commissions they generate.
Set up the consumer's utility maximization problem for prices pi, p2 and income m and how can this person be better off than by consuming the bundle
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