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Revenue and elasticity. The price demand equation for home-delivered large pizzas is
where x is the number of pizzas delivered weekly. The current price of one pizza is $21. In order to generate additional revenue from the sale of large pizzas, would you recommend a price increase or a price decrease? Explain.
ChooChoo Paper Company makes various types of paper products. One of their products is a 30 mils thick paper. In order to ensure that the thickness of the paper meets the 30 mils specification, random cuts of paper are selected and the thickness o..
Suppose banks are required by law to hold 5% of their deposits in reserves and total deposits are $100 million, but banks choose to hold a total of 20% of their deposits in reserves because loans are riskier and potentially unprofitable. Calculate..
Do these curves have the shape you would expect? Do the minimum and average cost curves intersect at the point you expect?
Consider the following model of a closed economy (Smallville): MPC = 0.8 - 0.01Y (marginal propensity to consume) C = MPC x YD (consumption function) YD = (Y - T) (disposable income) I = 500 (investment spending) G = 1,500 (government spending)
Projected government revenues from blood sucking income andconsumption taxes, not to mention pick-your-pocket duties andexcise tases is $243 billion for 2008-2009 fiscal year.
Draw in the resulting equilibria or tangencies and join up all of these points. You have just constructed a price-consumption curve for good X. Can you understand why the curve is so called?
Suppose that you are the manager of an accounts receivable unit in a large company. You are switching to a new system of billing and record-keeping and need to train your three supervisors and 28 employees in the new procedures. What training me..
Just The Fax, Inc. (JTF) has hired you as a consultant to analyze the demand for its line of telecommunications devices in 35 different market areas. The available data set includes observations on the number of thousands of units sold by JTF per ..
(Changes in Government Purchases) Assume that government purchases decrease by $10 billion, with other factors held constant. Calculate the change in the level of real GDP demanded for each of the following values of the MPC. Then, calculate the c..
2008 2009 Population 800,000 808,000 Number of hours worked 2,000,000,000 2,000,000,000 Real gdp 12,000,000,000 12,362,400,000 Real gdp per capita Labor productivity What was the growth rate of the population between 2008 and 2009
Blair has decided to manufacture the sub assemblies within the company and must now consider whether to rent one centerly located facility or to rent three separate facilities, each located near one of the assembly plants.
Could people be misled about differences in living standards if they only compared different countries' levels of GDP per person
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