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Assume that you raise the price of a product you have in inventory from $600 to $1,000. After the price increase you notice that your sales of this product have gone from 300 per month to 100 per month.
1. Calculate the price elasticity of demand for this product (show your computations). 2. Is this product price elastic or inelastic? 3. Should you maintain the higher price of $1,000 or reduce it back to $600?
Does the firm have constant, increasing, or decreasing returns to scale? Why? If wages are $20,000 per person per operating period and capital units for $3,000 per unit per operating period, calculate the average cost of producing 12,000 units and..
If the government imposes a tax of $15 a month on the market, what price would the buyer of an Internet service pay?__________ What price would the seller of the Internet service receive?____________________
Answer the following questions using the above data. Compute autonomous aggregate demand and compute the short-run output.
A student is taking two courses, history & math. The probability the student will pass in the history course is .60 and math is .70. The probability of passing both is .50.
Determine which of the following refers to a relatively high correlation among independent variables of a regression equation?
What are externalities? What are positive and negative externalities? Give examples of Positive and negative externalities and give a brief introduction about your chosen merit good and explain the role of government in providing this merit good to..
A student conducted a study and reported that the 95 percent confidence interval for the mean ranged from 46 to 54. He was sure that the mean of the sample was 50, that the standard deviation of the sample was 16, and that the sample was at least ..
On the basis of the information regarding the risk involved in the two projects, you come up with the following probability distributions for the projects:
When will America's longest running economic expansion in history come to an end? One way to predict is to look at what happened in the past. The usual causes include:
of this sales revenue he must pay the manufacturer a wholesale cost of $620,000 he also pays wages and utiilty bills totaling $210,000 if he doe not operate this piano business he can work in an accounting firm and recieve an annual salery of $45,..
)TLC Lawn Care, Inc. provides fertilizer and weed control services to residential customers. Its seasonal services package, regularly priced at $250, includes several chemical spray treatments. As part of an effort to expand its customer base, TLC..
Research the current value of the following economic indicators: Analyze the current macroeconomic situation. Discuss expectations of changes in economic, financial, and international conditions in the near future. Identify any economic issues of ..
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