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Question - Suppose that a 20% increase in the price of gasoline causes a 5% decrease in the consumption of gasoline and a 30% drop in the sales of SUVs. Calculate the elasticity of demand for gas and the cross-price elasticity of SUVs with respect to the price of gas. What can you say about elasticities?
consider a perfectly competitive market in long-run equilibrium where all firms operate under the same cost conditions.
Examine the common price setting strategies of airlines that use game theory. Predict the potential effects of such pricing strategies on the demand for seats, and conclude the resulting impact on the profitability of the airlines.
Discuss whether or not Paradise Shoes should expand its output further beyond 1200 pairs per week. State all assumptions and qualifications that underlie your recommendation.
my neighborsare college students who sometimes have late-night parties. assume that the nuisance cost of these parties
Annual cost estimates are expected to be high to ensure readiness at any time. Use a spreadsheet and incremental ROR analysis to determine which manufacturer offers the best economic choice.
Why can't all the balance of payments accounts be in surplus? What factors decide the demand for British pounds in foreign exchange markets? How are exchange rates determined under a flexible exchange rate system?
Alvin's Uncle Arnold gave him $16,000 from selling the old family farm. Alvin wants to start college and have $12,000 available to buy a used car.
Assume that there exists an unlimited number of different approaches to developing a new drug, each costing $1. The probability that the drug will be discovered
A firm can hire 10 workers at a wage of $10 but has to pay a wage of $12 to ALL workers to get the 11th worker. What is the marginal cost of adding the 11th worker.
The wage rate rises to $25/hour and she decides to work 41.5 hours a week. At S25/hour, if she worked 49 hours a week at the new relative prices she would have.
What is the difference between prisoner labor and work-release concepts? Is there a difference between these two notions? Fully justify and substantiate your response.
A new storm drainage system must be constructed right away to reduce periodic flooding that occurs in a city that is in a valley.
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