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A local restaurant currently charges $20 for a popular fish dish, and each night 100 customers order this dish. The same restaurant also has a side-order of chips on the menu at a cost of $5 per serve. When the price of chips increased to $5.50 sales of the fish dish fell to 90 customers per night. Calculate the cross-price elasticity of demand for fish with respect to chips. Carefully interpret your result.
A rise in the price of coffee beans, which is a material for a cup of coffee, is responsible for these observations.
Bianca bakes delicious cookies. Her total fixed cost is $40 a day, and her average variable cost is $1 a bag. Few people know about Bianca's Cookies.
Describe the difference between monopoly and oligopoly, the welfare effects of monopoly, cost advantages that create monopolies, government actions which create monopolies.
A winner of the Pennsylvania Lottery was given the choice of receiving $18 million at once or $1,440,000 per year for 25 years. If the winner had opted for the 25 annual payments, how much in total would she have received?
Consider an economy well known to you and assess which factors of its TFP are relatively strong compared to other countries and which ones are relatively poor. What steps could be taken to improve TFP?
Presume the utility function for a firm manager is U = Î + bQ, where Q is output, Î is profit, and b is a positive constant. How would the firm's output compare with what it would be if the manager's objective was to maximize profit?
What is foreign aid and what is the goal of foreign aid? Does foreign aid promote economic development? Explain briefly. Your response should be at least 75 words in length.
1.economic growth .is driven by growth of technology growth of labor and growth of capital.is driven primarily by
The publisher of a new book figures fixed cost at $92,000 and variable cost at $2.10 for each book produced. If the book is sold to distributors for $15 each, how many must be sold for the publisher to break even?
The benefits of decentralization, denoted B, = 3D and the costs of decentralization, denoted, C = 2D + 2D2. What is the optimal level of decentralization (D)? Explain
In what way does the Bill of Rights protect individuals' freedom to engage in business activities. it recognizes property righs or else.
Think the market for personal computers. Assume that the demand is constant : the demand curve does not change. Predict the effects of the following changes on the equilibrium price of computers.
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