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1) Assume that the price elasticity of demand is −.5 for a certain firm's product. If the firm decreases price, the firm's managers can expect total revenue to:
a) decrease.
b) increase.
c) remain constant.
d) increase or remain constant, depending upon the size of the price increase.
2) Which of the following statements is correct:
a) Maximizing total benefits is never equivalent to maximizing net benefits.
b) Maximizing total benefits is equivalent to maximizing net benefits if and only if there are no costs associated with achieving more benefits.
c) Profits cannot be maximized when marginal costs equal marginal benefits.
d) Net marginal benefits can never be equal to marginal benefits.
Why might an economics professor who is good at fixing cars still prefers to take his automobile to a garage for a tune-up? If the same professor decides to get a tutor for his daughter in economics instead of tutoring her himself does the same princ..
Explain in words the inflationary consequences of an upswing in aggregate demand. Assume the economy is initially at equilibrium and make sure you adequately explain the transmission mechanisms as well as the final result.
Be sure to include an analysis of the stages of production and describe why of the three stages, only one stage is rational for the firm.
The price elasticity for rice is estimated to be -0.4 and the income elasticity is 0.8. At a price of $0.40 per pound and a per capita income of $20,000, the demand for rice is 50 million tons per year. If per capita income increases to $20,500, what..
Explain how did Flextronics' industrial park strategy enable the company to respond to national changes in relative factor costs.
Suppose the equation for the demand curve for some product (X) is P = 8 - .6Q and the supply curve is P = 2 + .4Q. What is the equilibrium price and quantity? Now, suppose an excise tax is imposed on good X such that the new supply equation is P = 4 ..
Suppose my tastes could be modeled with the utility function u(x1, x2) = 20x1^0.5 + x2, where x1 refers to mozartkugeln and x2 refers to other consumption. consider the bundles A,B, and C as defined in part A: (bundle A: 100 mozartkugeln and $500 in ..
A phone manufacturer wants to compete in the touch screen phone market. He understands that the lead product has a battery life of just 6 hours. The manufacturer claims that while the new touch phone is more expensive, its battery life is more than t..
Discuss these three time horizons in terms of the price elasticity of supply. Sketch a figure showing supply curves for each of the time horizons.
q1. a companys cash sales for the month are 200000 and its accounts receivable payments for the month are 100000. what
Do you consider yourself an early adopter when it comes to trying out new products or new fashions, or do you tend to take a wait-and-see attitude? How does your attitude toward new products and new ideas influence your decision making as a consumer?
If you are running a bake sale and increase the price of your cupcakes from 1$ to 2$ what will happen
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