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Problem: The elasticity of demand for a firm's product is -2.5 and its advertising elasticity of demand is 0.2.
Question 1: Determine the firm's optimal advertising-to-sales ratio?
Question 2: If the firm's revenues are $40,000, what is its profit-maximizing level of advertising?
Economists’ models generally produce solutions that allow polluters to continue polluting to some degree. Why do economists favor allowing some pollution to continue? Provide a simple model that yields that result, explain the argument, and comme..
Why would China want its own currency to be undervalued relative to the U.S. dollar? How does china maintain an undervalue currency?
Investigate the "Standards Development" process for IT type products and interfaces. Identify at least two ways that standards are agreed to.
Discuss the ways taxes affect a company. Imagine you own a company that produces cars: What taxes do you have to pay during the course of your business cycle? Think about the process from start to finish. How do these taxes affect your budget? Are th..
If there are four weeks in the month of June, what is the approximate probability that more than 125 flat tires occur in a given month?
What is the opportunity cost of investing in capital?
Compute the competitive equilibrium price and quantity. As well, compute the total value created in the market for sporting guns. Clearly show all calculation and illustrate your answer using a well-labeled graph.
In their path of economic development, are there any similarities? If so, what are they? Are there any differences? If so, what are they?
Consider a pure exchange economy with wine (x) a cheese (y) only and two consumers only. Let cheese is numeraire good with price of $1. For each of the following set of consumers,
Suppose the government subsidizes any business that uses steel in the production process. Also, suppose that a new study proves car exhaust is a major carcinogen. Graph the shift in supply and/or demand. Be sure to label the new equilibrium price and..
Should a country invest in education? Why or why not? How will investment in education affect a county's production possibilities frontier in the future?
One reason for Anti-Trust laws is that economic concentration of power (Monopoly or oligopoly) comes with concentration of political power.
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