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Your company's executive vice president circulates a memo to the firm's top management in which he argues for a reduction in the price of the firm's product. He says a price cut will increase the firm's sales and profits.
As the head of marketing you respond with a memo pointing out that the price elasticity of demand for the firm's product is about -0.5. Why is this fact relevant?
The firm's president concurs with the opinion of the executive vice-president. Is he correct?
A firm currently uses 50,000 workers to produce 200,000 units of output per day. The daily wage per worker is $80, and the price of the firm's output is $25. The cost of other variable inputs is $400,000 per day.
What is Tom's 'real' hourly wage rate? How much will it be if he had 128 hours of leisure (= worked 40 hours)d. Tom chooses to work 40 hours a week. On the above graph, draw Tom's indifference curves between leisure and money so that this is his opt..
Immigration is a fact of life in the United States. This will lead to a big boost in the labor supply. What field would you rather be in: A field where the demand for your kind of labor is elastic or a field where the demand for your kind of labor..
A poor person who has an income of $1,000 receives $100 worth of food stamps. Draw the budget constraint if the food stamp recipient can sell these coupons on the black market for less than their face value.
Describe and discuss why characteristics of the labor markets should result in the similar wage rate for all jobs requiring the similar level of abilities and skills?
Microeconomics is the study of economics at the individual or micro level. One of the most well known microeconomic models is the production possibilities frontier,
How does the natural rate of unemployment change as the demographic composition of the population changes?
The current market price is $7.50. At her profit-maximizing level of production, the average variable cost is $8.00, and the average total cost is $8.25. Mrs. Smith should.
What is the average fixed cost of producing 2 units of output based on the following table:
Determine the advantages and disadvantages of a company using price discrimination in order to increase demand for its product or service. Provide support for your response
Among the tax proposals regularly considered by Congress is an additional tax on distilled liquors. The tax would not apply to beer. The price elasticity of supply of liquor is 4.0, and the price elasticity of demand is -0.2. The cross-elasticity of
A friend of your is considering two cell phone service providers. Provider A charges $120 per month for the service regadless of phone calls made. Provider B does not have a fixed service fee but instead charges $1 per minute for calls.
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