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Elasticity is related to a firm's total revenue and changes as you move up and down the demand curve. Suppose you are a marketing manager charged with deciding whether to increase the price of goods. The company's goal in considering that decision is to increase total revenue. If you were facing elastic demand, would a price increase be a good way to increase total revenue? If you were facing inelastic demand, would a price increase be a good way to increase total revenue? Since elasticity changes as you move up and down the demand curve, how can the marketing manager know whether demand for a product is elastic or inelastic?
On October 31, 2010 the USDMXN was 10.00. On the same date in 2011, the MXNUSD exchange rate was 0.07692 What was the DIRECT rate for the U.S. dollar last year and what was the INDIRECT rate on October 31, 2011
An experiment involves rolling two, six-sided dice. A trial consists of tossing two other. There are 36 possible outcomes for each experiment, so what is the probability of rolling a score of 10 or greater if the first die you roll is a 5
A senator gives a speech where he attacks payments to seniorcitizens. He claims that payments increased by 50% per person from1980 to 1990. Another senator gives a speech about health-carespending.
Suppose that each firm that tries to produce autos must go through the shakedown period of high costs on its own. Under what circumstances would the existence of the initial high costs justify infant industry protection?
Compute the producer and consumer surpluses after the imposition of the tax and also the DWL.
What would you expect to be the pattern of international specialization and trade? What would determine who produces the good?
what type of slope do you think an indifference curve would have? Why?
Suppose that you believe the fundamental value of Wal-Grey stock is about to rise from $50 to $100 because of its new management team. You have $20,000 that you can risk in the market, where the market interest rate is 6%. You can think of four po..
Consider a $90,000 piece of machinery, with a 5-year depreciable life and an estimated $5,000 salvage value at the end of its 5-year life. Compute the depreciation schedule and the book values for the equipment by each of the following methods
What is the multiplier? How is it calculated? Why is the multiplier related only to consumption spending?
Discounting is examined. Suppose that individual demand for a product is given by QD=1000-5P. Marginal revenue is MR=200-0.4Q, and marginal cost is constant at $20. There are no fixed costs. a) The firm is considering a quantity discount. The firs..
Analyze the arguments for government intervention as opposed to arguments for market-based solutions.
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