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1. Question: Why does a business need to understand elasticity of demand?
2. The schedule below is for Beer Price Quantity Demand $3 3 6 24 8 1612 14Calculate the elasticity of demand between prices $6 to $8
3. State if the Ed is elastic, inelastic, or unit elastic based upon your calculations.
4. If price were lowered (given the elasticity of demand) what would happen to total revenues? GIVE AN EXPLANATION
5. If research proved that malt in beer prolonged life would consumers change their consumption of beer? Explain your answer
6. Draw the demand curve and then indicate on the graph this change
State whether this is a "Change in Demand or a Change in Quantity Demanded"[(hint) Do you move along the curve or construct a new demand curve
How do the income and the substitution effects determine the slope of the labor supply curve?
Why will a monopolist"s output increase if the government forces it to lower its price? If the government wants to set a price ceiling that maximizes the monopolist"s output, what price should it set?
The owner of a small pizzeria is deciding whether to increase the radius of delivery by one mile. What considerations must be taken into account if such a decision is to increase profitability
Your college plans to increase total enrollment next year by 5,000 students. The additional students will have the following demand schedule: [Refer the attachment, table2] Now add the old demand schedule and the demand schedule for the new students ..
Citrus Speculation and Forecasting, Corporation, has been employed by a private consortium of orange growers to forecast what will happen to the price and output of oranges under the situations listed below.
A firm in a purely competitive industry is currently producing 1000 units per day at a total cost of $450 and If the firm produced 800 units per day, its total cost would be $300, and if it produced 500 units per day, its total cost would be $275.
Marianne and Ellen want to form a corporation, Bridal Flowers Company, and thus retain the Bobbo Law Firm to prepare the articles of incorporation. Bobbo Law Firm files the articles of incorporation but Bobbo's paralegal forgot to have Marianne.
Illustrate the impact of food stamps worth $100 compared to a $100 cash transfer on Joe's budget set b. Starting this month, Joe would receive food stamps worth $100 per month. How much more food would he buy this month if food on average costs $2..
Opportunity cost – faced by any company or country or government in choosing something and leaving other alternates For example – delay in setting up broad band in Australia or not building up infrastructure like high speed rail, roads, housing or po..
What are the consequences for violating it? Why are laws like this good for protection? How do you propose to enact these standards when you are an administrator?
Identify the market structure(s) for the products listed Is advertising is associated with the identified market structure(s). If so, explain why advertising and/or product differentiation is important to this particular market structure.
Describe how this change affects output both immediately and over time. Is the steady state effect on output larger or smaller than the immediate effect?
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