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A recent study determined the following elasticities for Volkswagen Beetles: Price elasticity of demand = 2 Income elasticity of demand = 1.5 The supply of Beetles is elastic. Based on this information, are the following statements true or false? Explain your reasoning.
a. A 10% increase in the price of a Beetle will reduce the quantity demanded by 20%.
b. An increase in consumer income will increase the price and quantity of Beetles sold. Since price elasticity of demand is greater than 1, total revenue will go down.
the manager of a local sporting goods store and recently purcahsed a shipment of 60 sets of skis and ski bindings ta a total cost of $30,000 (your wholesale supplier would not let you purcahse the skis and bindings seperately, nor would it let yoo..
buy for 48,000.00 a parking lot. Revenues average 19,000.00 per year for the last 3 years. Annual gross revenue will increase by 10%. The 48,000.00 will come from an inheritance which is currently earning 4.25% interest compounded annually.
Bygrave forecasts incremental annual sales revenue of $940,000. Similarly, Bygrave expects total variable costs to increase by $500,000, and total fixed costs to increase by $80,000. Bygrave's marginal tax rate is 39%.
Consider the expectations for the sub-genre you have chosen. What speeches have you seen in this sub-genre, how did they meet these expectations, and how can you apply what you have seen to your speech?
what extra semiannual expenditure for five years would be justified for the maintenance of a machine in order to avoid an overhaul costing $3000 at the end of five years. assume nominal interest rate of 8% componded semiannually.
Begin a response to this statement with your assertion - Agree or Disagree - then provide reasoning to support your assertion.
Many factors influence a plant's uptake of boron from the soil, but one key factor is soil type. One experiment† compared plant content C of boron, in parts per million, with the amount B, in parts per million, of water-soluble boron in the soil.
Proponents of the program have said that $400 million will be given directly to taxpayers and argue that this will have an economic effect that is greater than the original $400 million spent because of the multiplier effect. Many voters and taxpa..
A monopolist faces demand given by: P = 100 - 0.4Qd, and has marginal costs given by MC = 10 + 0.2Q a. draw the demand, marginal revenue and marginal cost curves. Calculate and show how much this firm will sell and what they will charge.
Calculate the short run supply curve for a representative firm as a function of price
the company's value in the hands of current management is somewhere between $10 million and $110 million, uniformly distributed over this range. The current management will sell the company to you if, and only if, your bid exceeds the true value k..
Firm XYZ measured its MP of labor curve. XYZ produces gadgets that are sold for $20 each and is able to hire workers for $10 per hour. How many hours of labor should XYZ hire each day to maximize its profits.
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