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Description of Income Elasticity
During the past year,MP sold 150,000pairs of brake shoes at an average wholesale price of $13per pair. This year, GNP per capita is expected to fall from $21,000 to 19000 as nation enters a steep recession. Without any price change, MP expects current year sales to fall to 100,000.
a. Calculate the implied arc income elasticity of demand.
b. Given the projected fall in income, sales mgr thinks current volume of 150,000 units can only be maintained with a price cut of $1 per unit. on this basis,calculate the implied arc price elasticity of demand.
c. Holding all else equal, would a further increase in price result in higher or lower total revenue?
Discuss how a change in price affects total expenditure by filling in each cell with resulting change in total expenditure.
Describe the neoclassical theory of economic growth. Then explain how the neoclassical theory is impacted by research about endogenous technological changes and increasing marginal returns.
Suppose the demand curve for a product is given by Q = 300-2P+4I where 'I' is average income measured in thousands of dollars. The supply curve is Q = 3P - 50.
Use the following Information on a hypothetical short-run production function to answer questions a-c. Calculate the marginal and average variable product of each unit of labour input.
High Mark Industries sells solar water heaters to households interested in lower energy bills and sustainable energy.
Fill in the missing data for price (P), total revenue(TR), marginal revenue (MR), total cost (TC), marginal cost (MC), profit (π), and marginal profit (Mπ) in the following table:
Explain the nation will move toward an international monetary system or fixed exchange rates in the future.
Calculate the multifactor productivity figures for labor and capital together. Elucidate why these figures might be greater in the subsidiary.
Suppose that the governmental authorities wished to decrease use of a pesticide that is leaching into groundwater supplies in a watershed by 60% from current use levels.
Elucidate how have these policies affected the prices of the product the industry produces?
A perfectly competitive firm should hire an additional worker only if the employee 's marginal revenue product is less than the wage rate.
Discuss the upshot of this policy in terms of a new equilibrium. Is this policy likely to have a negative repercussion on the crime rate? Can you come up with an idea concerning a major drawback of this policy?
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