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Last month, Rick's Bike Shop, Inc. increased the price on the 22-ounce can of Camp A bearing grease by 4.5 percent. In response, sales dropped by 9 percent.
A) Calculate the point price elasticity of demand for Camp A bearing grease.
B) Calculate the optimal price for Camp A bearing grease if marginal cost is $3.75 per unit.
Determine the three tools the Federal Reserve uses to change the money supply and interest rates in the economy? Which of these tools is most important and explain your answer.
Some games of strategy are co-operative. One example is deciding which side of road to drive on. It does not matter which side it is as long as everyone chooses the same side. Otherwise, everyone may get hurt.
What is the marginal opportunity cost of services in each country? Who has the comparative advantage in factory-stuff?
Assume industry abatement costs rise from $850 million in 2004 to $1,000 million in 2005 in nominal terms and that CPI is 100 in 2004 and 106 in 2005.
How might there be increase in total spending on a child's education in response to providing a fixed level of education?
Other things equal, and given that the elasticity of demand for health care is 0.2, a 10 percent increase in the price of health care in the United States will reduce the quantity of health care demanded by about.
Explain how are people worse off when the price level rises as fast as their incomes
Explain how do these tools influence the money supply, and in turn, affect macroeconomic factors.
Given that the annual average growth rate of potential GDP is 6.48%. Suppose the economy grows 0.5%/year faster than at the growth rate of potential GDP. What is the first quarter at which actual GDP exceeds potential GDP?
Determine which of the following combination of inputs is most closely reflective of decreasing marginal rate of technical substitution?
Two identical firms face linear demand. Market demand is given by P=30-Q. Compare graphically consumer and producer surplus in Cournot and Stakelberg equilibria to perfect competition.
Illustrate the potential problems of economic transition from a planned economy to a competitive free-market economy.
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