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Analysis of Pricing: You manage Mt. Claire Café which sells meals at a price of $8.50 each. The meal includes a hot dish and a beverage of your choice. The average number of meals sold per month is 21,000. The owners of Mt. Claire Café would like to increase its sales and profits. They know that if price is lowered, they will sell more meals. So they run an experiment. Price is lowered to $7.50 per meal in March and the number of meals sold increases to 23,000. a. What is the Price Elasticity of Demand? b. Is elasticity elastic, inelastic or neither? c. What does this mean and why does it matter? d. Will Revenues increase or decrease as a result of the price cut? By How much? e. Beatrice has calculated the fixed costs for the Café are $18,000 per month and each meal costs $4.50. Will profits go up or down as a result of the price cut? By How much
demand for labor in China will drive up costs per worker there to $5 per hour. How does this alter the isocost and isoquant graph? d.Given these forecasts, where should you expand production?
Government increases taxes by 50 billion and increase transfer payments by 50 billion illustrate what would happen to aggregate demand.
If you were responsible for setting the NAAQS for lead, what key determinants would you consider if the standard were established to meet the efficiency criterion. Be sure to itemize separately the benefits and costs associated with your decision.
Is the Fed currently pursuing an expansionary, neutral, or contractionary monetary policy? What if any difficulties do you think may be encountered in implementing the current policy.
a. hypothetical demand curve for strawberries cost 43 cases of strawberries per harvest 34 thousand. illustrate cost
A firm has a production function represented by: q=L^(.75)K^(.25) Find a function for how much capital and labor a firm should hire to produce a given level of production in terms of the price of labor, w, and the price capital, r. Suppose w=15 and r..
The risk-free rate on 30 year U.S. Treasury bonds is 3.25% and the expected rate of return on the overall stock market is 12%. The company has a beta of 1.6. What is the cost of equity?
Assume the nation of Australia is "small" and thus unable to influence world price. Its demand and supply schedules for TV sets are shown in Table 4.13.Using graph paper, plot the demand and supply schedules on the same graph. What are the equilibriu..
What makes it conceivable for a country to experience constant debt to GDP ratio and at the same time experience continual government budget deficits is: Government budget surplus or deficit is: A rise in the government budget deficit will have a :
Suppose a Lexus LS400 and a Mercedes C300 are considered to be of equivalent value. The Lexus sells for 6,000,000 Japanese yen in Tokyo and the Mercedes sells for 50,000 euros in Stuttgart. Using the purchasing power parity theory, explain the exchan..
One of the major reasons that foreign expatriates have difficulty doing business in the United States is that they do not understand American slang. A business executive recently gave the authors the following three examples of statements that had no..
Is there much research into the long term impacts of government fiscal contractions? I have heard about 2nd generation unemployed as a result of Thatcher's policies but that is very much anecdotal. What does the literature have to say on the matter?
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