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You are the manager of a firm that receives revenues of $50,000 per year from product X and $100,000 per year from product Y. The own price elasticity of demand for product X is -2, and the cross-price elasticity of demand between product Y and X is 1.4. How much will your firm's total revenues (revenues from both products) change if you increase the price of good X by 1 percent?
A college student in her senior year is considering purchasing a new car. The price of the car is $18,500, the sales tax is 8%, and the title, license, and registration fee is $450. The dealer offered to finance 90% of the price of the car for 48 mon..
What other variables should be considered when determining what is reasonable in terms of maintenance expense
A good is nonexcludeable if:
Consider a small country that is an exporter of good X. Suppose the government imposes a tariff on imports of good X. Using one graph, showing demand and supply of good X in the home country, carefully illustrate the effect of a tariff imposed by the..
Suppose the economy starts with a capital stock at time t = 0 equal to 1 unit. Write down the values of gross investment, net investment, capital, consumption, and output observed during the subsequent 10 periods. Suppose that at the beginning of som..
What is the opportunity cost of Josephine's trip to the wedding
A firm in the early stages of the industry life cycle will likely have _________ .
If a nation exported much of its output but imported little, would it be better or worse off? How about the reverse; that is, exporting little but importing a lot?
NonLegal Seafoods (NS) sells its excellent clam chowder in Boston, New York, and Washington. NS has estimated that the demands in these three markets are respectively QB = 10,000 − 1,000PB, QNY = 20,000 − 2,000PNY and QW = 15,000 − 1,500PW, where qua..
Your cat just won the local feline lottery to the tune of 3000 cans of "9 Lives" cat food (assorted flavors). A local grocer offers to take the 3000 cans and in return, supply 30 cans a month for the next 10 years. What rate of return, in terms of no..
Use the following graph showing two budget lines, LR and LZ to answer the following questions. The consumer’s income is $720.
An economist estimated that the cost function of a single-product firm is: C(Q) = 110 + 20Q + 30Q2 + 10Q3. Based on this information, determine the following:
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