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In Ecuador the demand curve has price elasticity equal to -9; in Buenos Aires the demand curve has price elasticity of -11. Since shipping goods to Ecuador is twice as expensive as shipping them to Buenos Aires, we should never charge a lower price in Ecuador than Mexico. What principles do I apply here?
Consider a static (one-period), closed economy with one representative consumer, one representative firm, and a government. The level of capital K and government expenditures G in the economy are both fixed exogenously. Formally define a competitive ..
An industry consists of three firms with sales of $200,000, $500,000, and $400,000. Compute the Herfindahl-Hirschman index.
But most economists think it is an efficient response to the market. What do you think? Should price gouging be illegal? Is it fair?
Suppose the current price of copper is $3 per pound and the quantity supplied is 200 pounds per day. If the price of copper falls to $2.50 per pound, the quantity supplied drops to 180 pounds per day. Use the midpoint formula to calculate the price e..
Two physical therapy firms want to merge. The price elasticity of demand for physical therapy is -.40. Firm A has a volume of 10,400, Fixed cost of $50,000 marginal cost of $20 and a market share of 8%. How does the merger affect markups and profits?..
Using the information given above, determine the minimum annual dollar sales needed to make a 10 percent profit in this market.
Discuss how advertising affects consumer demand. Discuss how advertising affects consumer demand. Explain why fiscal policy might be needed. Explain how fiscal stimulus or restraint is achieved
Suppose as a manager of a profitable department store you are confronted with a pricing problem. You have two types of customers: a high-end type that are willing to pay a price of $25 for a pair of Levis Jeans, and a low-end type customer that are w..
All of the following are characteristics of "property rights" EXCEPT that:
Explain with examples how these three users (investor, manager and creditor) analyze financial statements and how they use it. If you were one of the three users, what statement(s) entry or entries, and ratios would you observe more critically and wh..
People over the age of sixty-five are eligible for Medicare which offers subsidized healthcare as long as the doctor involved agrees to accept
A tobacco company is interested in hiring a salesperson to promote smoking cigarattes in nightclubs. The position pays a flat salary of $50,000, regardless of sales levels. During their first year on the job, what are the expected sales of Patty and ..
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