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You are the owner of a local Honda dealership. Unlike other dealerships in the area, you take pride in your “No Haggle” sales policy. Last year, your dealership earned record profits of $1.5 million. In your market, you compete against two other dealers, and the market-level price elasticity of demand for midsized Honda automobiles is -1.6. In each of the last five years, your dealership has sold more midsized automobiles than any other Honda dealership in the nation. This entitled your dealership to an additional 25 percent off the manufacturer’s suggested retail price (MSRP) in each year. Taking this into account, your marginal cost of a midsized automobile is $12,000. What price should you charge for a midsized automobile if you expect to maintain your record sales?
Suppose the hotel in the lecture example raised its price from $30 to $30.50. With the new price, the hotel expects 96 guests to arrive 5% of the time, 97 guests 10% of the time, 98 guests 20% of the time, 99 guests 30% of the time, 100 guests 25% of..
China’s currency, the renminbi, has strengthened in recent months. Explain what a stronger renminbi means for Chinese citizens. What does it mean for U.S. companies that use China as a manufacturing base?
According to the production function, with 300 labor hours, Illustrate what is this economy's capacity to produce.
A growing economy means that the economy is producing more also more stuff, either since it has more resources.
How do these things affect the U.S market of foreign-currency exchange and on net capital outflow (NCO): A tax reform that imposes higher capital gains tax to Americans involved in offshore banking?
We learn from Gorton that it is not possible to prove that had Lehman Brothers been bailed out by the government or the Federal Reserve the financial crisis of 2008 would not have occurred. This is an example of not being able to prove the “counterfa..
Explain in detail why it is important that prices are flexible in our economy? What are the implications if the government started to control prices for products, how would this influence buying?
Assume that the economy uses Cobb Douglas Production Function of the form: , and A=4, L=10000, K=100. Consumption (C) is given by the equation C = 700 + 0.8(Y – T). What are the equilibrium values of Y, real wages, real rental rate of capital, C, I, ..
Who were the greatest gainers from the Industrial Revolution? How many revolutions have been identified by historians for the period of the Industrial Revolution in England? If the intergenerational correlation of status in England in 1800 was 0.8, t..
The price of oranges has risen dramatically. Which of the following is likely to happen?
The article touches on two crucial conditions for a fiscal stimulus to work.
An IT company called Zucchini has the following production function: y=16L^(1/4) K^(1/4). (A) Using the following two conditions for profit-maximizing in the long-run, show that the long-run demand functions for input labour is L=(4p/r)^(1/2) (4p/w)^..
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