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Assume that a ladies bag was selling at 300.00 in a chain of 10 department stores. After one week, the District Manager found only 60 bags were sold. So she authorized all managers to reduce price of the bags in the American way - buy one get one free. This resulted in an average increase of sale of the bags in all stores by 80 percent in the next week.
a). Calculate the price elasticity of demand. (hint: use the arc elasticity formula worked out in Live Session).
b). Interpret your result.
Pat and Chris must independently decide whether to go to Naan n’ Curry or Top Dog at noon. Pat prefers Naan n’ Curry; Chris prefers Top Dog; and as BFF’s, they derive no jollies unless they eat together. Specifically, if they both choose Top Dog, Chr..
Suppose that we are testing whether five population means are equal to each other. We would normally use ANOVA for that, but suppose that we carry out separate hypothesis tests in which we compare the five means to each other, two at a time. Using a ..
In 1-2 pages, explain the law of diminishing marginal utility and give an example of an opportunity cost you pay personally and another example of an opportunity cost you believe the economy pays because of large military expenditures.
Discuss the following situation (a) from the strictly legal viewpoint, (b) from a moral and ethical viewpoint, and (c) from the point of view of what is best in the long run for the company. Be sure to consider both short- and long-range consequences..
Conduct an Internet search using the following descriptors: biblical worldview and money. Consider your findings in the light of any topic in this chapter.
International tax competition involves efforts by national governments:
The probability of accepting the next wage offer is: Which of the following would be considered a real (as opposed to pecuniary) externality associated with migration? The longer the expected length of tenure on the job:
If the demand for housing falls, reducing planned investment by $75 billion, what is the effect on national income and output (GDP) (the consumption function is c = 50 + 0.7 (yd))
If more foreign tourists visited the United States, this would: A. lower our merchandise trade imbalance. B. lower our overall trade imbalance. C. raise our merchandise trade imbalance. D. raise our overall trade imbalance.
Recall the application on rent control and mismatches. Under rent control, the government sets a maximum price for housing, decreasing the quantity supplied and the total value of the market. Rent control and other maximum prices cause ________ possi..
The current account balance may fall after a real depreciation because
Assume monthly car payments of $500 per month for 4 years and an interest rate of 0.5% per month. What initial principal or PW will this repay?
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