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(1) Suppose you are in charge of sales at a pharmaceutical company, and your firm has a new drug that causes bald men to grow hair. Assume that the company wants to earn as much revenue as possible from this drug. If the elasticity of demand for your company's product at the current price is 1.4, would you advise the company to raise the price, lower the price, or to keep the price the same? What if the elasticity were 0.6? What if it were 1?
(2) Automobile manufacturing is an industry subject to significant economies of scale. Suppose there are four domestic auto manufacturers, but the demand for domestic autos is no more than 2.5 times the quantity produced at the bottom of the long-run average cost curve. What do you expect will happen to the domestic auto industry in the long run?
(3)For a high-income economy like Australia, what aggregate production function elements are most important in bringing about growth in GDP per capita? What about a middleincome country such as India? A low-income country such as Afghanistan?
(4) Imagine that the government statisticians who calculate the inflation rate have been updating the basic basket of goods once every 10 years, but now they decide to update it every five years. How will this change affect the amount of substitution bias and quality/new goods bias?
Ytilizing a single diagram of the saloon's demand curve and its cost curves, show the price and the quantity combinations favored by each of the the three partners.
The table below shows the results of a survey that asked 2873 people whether they are involved in any type of charity work.
2) We analyzed the collision counts of the hubs. Can you analyze the collision count of the"switch"? Explain your answer.
Do you think that Brexit is a good or bad thing for the global economy? Can London still be a global financial hub after Brexit?
An increase in the price of a product (P), along with an increase in the price of an input factor (PI), is certain to lead to an increase in quantity supplied (QS). Indicate whether you believe the statement is True or False, and then briefly explain..
Assume that the marginal product of labor is: MP=100-L, L is the number of workers hired. You can sell the product in the marketplace for $50 per unit, the wage rate for labor is $100. How many workers should I hire.
When economic difficulties occur, the government sometimes intervenes Consider, for example, governmental intervention related to airline strikes and pricing. In your opinion, at what point should the government intervene in the delivery of health..
If income rises by 20%, you can expect your sales to increase by 40%. Is this true or false? Please explain
q.to keep gasoline expenses edith as well as mathew agreed to carpool jointly for traveling to as well as from work.
Suppose the market demand function is given by: Q=100-2P, where Q: total quantity, P: market price. And in this market there are two firms with MC=AV= $10. Perfect competition price, quantity, and consumer surplus? Monopoly price, quantity, consumer..
How did the organization of Aligning culture and strategy at A.P Nichols started? What is so special about it? Describe, explain
Which of the following is a conclusion of using the generational accounting measure?
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