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Assume that demand for product A can be expressed as QA = 500 ¨C 5PA + 3PB and demand for product B can be expressed as QB = 300 ¨C 2PB + PA. Currently, market prices and quantities for these goods are PA, = 5, PB = 2, QA = 481, and QB = 301. a. Suppose the price of product B increases to 3. What happens to the quantity demanded of both products? b. Calculate the arc cross©\elasticity between product A and product B using prices for product B of 2 and 3. c. Are these goods substitutes or complements?
Two successful company's are observed with quite different compensation plans for their salespeople. One company pays its salespeople on a commission basis,
Assume the market demand curve in an industry is characterized by P=1-Q, where P is the market price and Q is the total quantity supplied to the market. Assume there are three firms in this industry.
An investor has two investment opportunities each involving an outlay of $10,000. The present value of possible outcomes and their respective probabilities are (a) calculate the expected value of each investment. (b) draw a bar chart for each in..
The information below explains the real GDP per capita for the country of Utopia for the period of 1975 to 1991.
Select any low income country (or countries) on which you can find data on the following (a web search should yield you the required information)
Consider the following two good pure exchange economy: Alfred's utility function is U A (x, y) = min{x, y} and Bob's utility function is U B (x, y) = max{x, y}.
The technology helps to grow productivity, which in turn frees up resources - permit interest rates to remain lower than otherwise possible. But i am not sure how increased productivity drives economic growth.
Elucidate the dispute resolution options available to Bobbie Sue and Suzy Q and the primary differences between each option.
The ability for economy to eliminate any imbalances in actual and potential output is sometimes called self-correction. Using an aggregate supply and aggregate demand diagram,
Retirement of baby boomers threatens the Social Security system because number of retirees will be relatively large compared to number of workers remaining by 2020
Elucidate what happens to the price of shoes and the quantity of shoes consumed after a total ban on imports.
Explain how many units of the variable innpout should be used to maximize profits. What are the maximum profits this firm can earn.
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