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You operate your own business selling university t-shirts. The demand schedule for your t-shirts is as follows: P = 25 - 0.5Q.
a) Graph and label the demand curve for your t-shirts
b) Calculate the price elasticity of demand when price equals $10
c) In what range does price elasticity of demand fall at $10 (elastic, unit elastic, inelastic)?
d) If your goal is to maximize total revenue, how should you change the price if you are currently charging $10?
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The market for a standard-sized cardboard container consists of two firms: CompositeBox and Fiberboard. As the manager of CompositeBox, you enjoy a patented technology that permits your company to produce boxes faster and at a lower cost than Fiberbo..
Recently, the average rate paid by banks on savings accounts was 0.45%. However, at the same time, inflation was around 1.50% what was the average saver’s real rate of interest on his/her earnings? (b) Banks expect that the rate of inflation in the c..
Illustrate what were the major factors that have affected US household consumption While the recession in 2001
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