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Paul's Plumbing is the only plumber in a small town. Paul's daughter has come back home to visit after getting her MBA. She has gotten interested in her father's pricing of his services. One of his services is replacing water heaters. Some customers want their water heaters replaced quickly because their old water heater failed; call these the "urgent" group. But some customers want their water heaters replaced at his convenience to improve their efficiency; call this the "convenience" group. The father told the daughter that his price for replacing a water heater is the same for the urgent and convenience groups and that he currently charges the same price for all water heater installations. She has estimated that the price elasticity for the urgent group is smaller (in absolute value) than it is for the convenience group. What price changes should the daughter recommend to her father the plumber?
Assume that products A and B are produced in competitive markets by different firms and are close substitutes. How would an increase in the price of product A affect the price of product B, and total expenditure on product B? Is the Law of Demand met..
Archer Daniels Midland Company is considering buying a new farm that it plans to operate for 10 years. The farm will require an initial investment of $12.20 million. This investment will consist of $3.00 million for land and $9.20 million for trucks ..
Currently a government budget is balanced. The marginal propensity to consume is 0.75. The government has determined that each additional $10 billion in new government debt it issues to finance a budget deficit pushes up the market interest by 0.20 p..
Delta and Southwest Airlines announced a new round of fare discounts. In response Sangita Woerner, Vice President of Marketing at Alaska Airlines, said, it’s unlikely that we will match these fare reductions because we do not anticipate any negative ..
The following graph represents the world market for oil. The Organization of Petroleum Exporting Countries (OPEC) produces a large portion of the world's oil. Suppose OPEC representatives get together and agree to limit the global production of oil. ..
Illustrate the effects of changes in various factors on a nation's aggregate demand. Include expectations about the future expectations, fiscal policy, monetary policy, and changes in the world economy. What are the determinants of aggregate demand? ..
What steps can Congress and state legislatures take to alleviate a serious national shortage of skilled providers. Research suggests medical errors have been linked to inadequate staffing.
In 2004, Congressman Dennis Kucinich proposed the Free Market Drug Act. This legislation would have removed patent protection on drugs developed with public funds and given control over pharmaceutical R&D to the National Institutes of Health (NIH). E..
When companies expand into the international arena, they do so either because their home market has matured or because they see real opportunities in the foreign market. Discuss which kinds of international strategies are most appropriate for compani..
A crops mean for 3 years of production was 2,682,587 tons. On the 4th year the crop produced 3,037,534. How do I find the percent increase from the mean to the 4th year?
What correctly identifies unemployment that occurs when changes in technology result in more people seeking jobs in a labor market than there are jobs available at the current wage?
Behavioral economists believe that people:
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