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A firm is currently producing in the elastic portion of its demand curve. What course of action do you recommend for it assuming it wants to raise revenue? Continue producing at the current output level, because it maximizes its total revenue by producing in the elastic portion of its demand curve.
Reduce price, because if it reduces price and demand is elastic, total revenue will increase.
Increase price, because if it increases price and demand is elastic, total revenue will increase.
Continue selling at the same price, but increase the amount it produces.
Illustrate what kinds of changes in underlying conditions can cause the supply and demand curves to shift
Create a presentation for the Board which examines the current state of the U.S. economy. Use the Library to find out the up-to-date information needed.
Illustrate what are the major performance goals that we set for the economy, and how do we measure the performance?
Sometimes market activities (production, buying, and selling) have unintended positive or negative effects outside the market's scope. These are called externalities. As a policy maker concerned with correcting the effects of gases.
Some real estate economists have argued that anchor stores in shopping malls create significant externalities for overall sales.
Illustrate and fully explain using an example of relevant cost (a cost whose value does affect the optimal decision) and an example of irrelevant cost (a cost whose value does not affect the optimal decision) to the business regarding this decisio..
Assume the station plans to give the DVDs away. How many should it order. From which supplier.
What does a contractionary gap imply about the actual rate of unemployment relative to the natural rate. What must happen to real and nominal wages in order to close a contractionary gap.
Suppose that long term interest rates in the economy were increasing due to strong economic growth and demand for loans in the world economy. Meanwhile suppose that the Fed was holding down its federal funds rate target. What would probably be hap..
Suppose a friend you know requires a mortgage loan to purchase a house. Your friend can purchase it now or wait until later and is unsure of what to do.
Assume you plan to quit your job in 6 weeks because you have saved enough money to move to California where you can indulge your interest in rock climbing.
Suppose past year's real GDP was $7,000 billion, this year nominal GDP is $8,820 billion, and GDP deflator for this year is 120. Determine the growth rate of real GDP? Does this demonstrate an improvement in economic welfare?
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