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When income goes up from $20,000 to $30,000, demand for product A is going up from 300 to 400. The price of the product A is $200. However demand for product B is going down from 100 to 50. The price of the of the product B is $10. Is the Product A normal goods or inferior goods? Calculate income elasticity of demand for the product A, using the mid-point approach. Is product B normal goods or inferior goods? Calculate income elasticity of demand for the product B, using the mi-point approach.
Define and explain the relationship between total revenue, average revenue, and marginal revenue for a monopolist. What is monopoly profit Should a monopolist produce quantities of product greater than that which would maximize profits
7, recent tax reforms make college tuition partially tax deductible for certain families. this should motivate more people to attend college. how will this higher demand for college education affect tuition prices how will it affect the cost of co..
Give the decrease or increase of each condition of money supply
Which of these methods of encouraging growth would you suggest for the typical company in Hong Kong and Singapore and explain the rationale for your choice.
Is GMs organizational structure aligned with its strategies? If so why? If not, what is needed - What organizational controls do you think were lacking in the old GM? What organizational controls are needed at the new GM?
Sometimes market activities (production, buying, and selling) have unintended positive or negative effects outside the market's scope.
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What pivotal change do the authors make to the Solow model and how does change impact the Solow model's predictions?
Total revenue is calculated as the quantity of a good or service sold multiplied by its market price. Thus, it is a measure of how much money a company makes from selling its product. The core objective of a firm is maximizing profit. One of the ways..
The Company you work for is considering the acquisition of new equipment. The required initial investments of $45,000 and the projected cash benefits over a three -year project life are $14400, $17340, and $25760;
Describe the opportunities that might be available through better use of information technology (IT) in the U.S. health care system. What might explain the system's failure to better capitalize on these opportunities
The U. S. and the World economy are still in a period of slow growth and high unemployment. Soon, we will be in another election year, does the Political Business Cycle still exist? Do incumbent politicians utilize their power and influence to get re..
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