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Presume that a department store is selling a popular brand of dress shirt for $109 each. Through the first two weeks, the store sold 100 shirts, and in order to boost sale and clear the isles for new product, it declared a sale "buy one get one free". This resulted in sale of 500 shirts in one week, and the isles were cleared.
(1) Compute the price elasticity of demand.
(2) Interpret your result. Specifically, what kind of demand elasticity is it and what does the coefficient of elasticity indicate when price went down?
1. the short-run aggregate supply curve shows how cause output to rise.nbspa. increases in inflationb. decreases in
A group of firms in an industry have been accused of engaging in price fixing in Edmonton, but not elsewhere. Describe and explain four methods you might use to estimate the price impact of the conspiracy.
A special interest group cannot impose its will on the majority because the perceived costs and benefits from government programs are the same for both groups. Cost-benefit analysis can be applied to individual decision-making and public choice th..
In the old days lighthouses were built along the coast to prevent ships from running aground on rocks in unfamiliar ports. By shining a beam of light over a port and guiding ships away from rocks, these vital buildings reduced the risk for ship ca..
Discuss how deficit spending relates to the economic collapse of the Greece and Spain economies. Relate their economic collapse to U.S. current economic problems. How does U.S. deficit spending affect our economy? Greece and Spain have introduced ..
A monopolist is maximizing profit at an output rate of 1,000 units per month. At this output rate, the price that its customers are willing and able to pay is $8 per unit, average total cost is $5 per unit, and marginal cost is $6 per unit. It may..
if some auction participants for crude oil field leases have estimates that the oil in the ground is worth 1.2 million
suppose that the following equations describe an economy. c i g t and y are measured in billions of dollars and r is
Presume that Kim K decides to spend $30,000 on an American made purse instead of donating it to Haitian earthquake relief. Suppose that the multiplier is 1.2. How much will GDP rise when Kim K buys her purse according to the multiplier effect?
Suppose that the government increases taxes and government purchases by equal amounts. What happens to the interest rate and investment in response to this balanced-budget change. Does your answer depend on the marginal propensity to consume.
1which of the following is the best example of an automatic stabilizer?a welfare paymentsb foreign aidc defense
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