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You are the manager of a local sporting goods store and recently purchased a shipment of 60 sets of skis and ski bindings at a total cost of $30,000 (your wholesale supplier would not let you purchase the sis and bindings separately, nor would it let you purchase fewer than 60 sets). The community in which your store is located consists of many different types of skiers, ranging from advanced to beginners. From experience, you know that different skiers value skis and bindings differently. However, you cannot profitably price discriminate because you cannot prevent resale. There are about 20 advanced skiers who value skis at $350 and ski bindings at $250; 20 intermediate skiers who value skis at $250 and ski bindings at $375; and 20 beginning skiers who value skis at $175 and ski bindings at $325. Determine your optimal pricing strategy.
Graphically illustrate the impact of an open-market purchase by the Federal Reserve on the equilibrium interest rate using the theory of liquidity preference and the market for real money balances. (Be sure to label:
Draw a bowed-out production possibilities curve (PPC or PPF) with an aggregate measure of medical services, Q, on the horizontal axis and an aggregate measure of all other goods (and services), Z, on the vertical axis.
Using the IS/LM model, demonstrate the effect of each of the following changes.
Draw a diagram showing the current situation of the firm. In addition to the above information, suppose the price of the output is $13/unit, if the firm wants to maximize its profit, what should it do? Explain in detail with the aid of a diagram.
You are a member of the City Council of Mid ville , California, a town of 10,000 residents, comprised primarily of 'middle-class' blue-collar laborers.
Is this a good model for unemployment? What would you add to study the problem more completely? What assumption does this model make regarding unemployment
Suppose that this price cut was completely responsible for its raise in revenues from 460 million yen in 1966 to 640 million yen in 1967. Compute the indicated arc elasticity of demand.
In 1971, Congress conducted headings on emergency loan guarantee legislation for Lockheed Corporation, which was in the middle of a severe liquidity crisis due to losses on a number of military contracts.
Suppose you want to produce WIDGETS in your country. The international price of an imported WIDGET is $50 and pays an import tariff of $10 per unit. Three inputs are needed to produce a WIDGET.
Political business cycle: Do economic events affect presidential elections? To test this so-called political business cycle theory, Gary Smith 20 obtained the following regression results based on the U.S Presidential elections for the four yearl..
The BLS estimates that in 2002, the number of working-age adults was 211.9 million, labour force was 141.8 million, and the total number of employed was 135.1 million. Calculate the following:
A study sponsored by the American Medical Association suggests that the absolute value of the own price elasticity for surgical procedures is smaller than that for the own price elasticity for office visits. Explain why this would be expected
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