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Imagine that you operate a small but popular and profitable restaurant/bar in a college town. There are several other restaurants and bars nearby. You have conducted a market research study and discovered that the price elasticity of demand for local residents is lower (less elastic) than the price elasticity of demand for college students, who are usually in town only while the college is in session about 9 months out of the year.
Discuss at least two pricing strategies you can use to increase your revenues and analyze them in terms of their ability to generate additional profits. Indicate any additional assumptions you are making.
If the society had the first income distribution, the utilitarian would argue that the marginal utility of income for the person with an income of $10,000 is lower or higher than the marginal utility of income for someone with an income of $30,000..
Establish algebraically whether this production function exhibits increasing, decreasing, or constant returns to scale
Do you really believe that there are certain common characteristics or traits of American managers that have led to moral or ethical decline in United State business over recent years and thus business scandals?
Suzy knows that she has maximized her utility, as she is on her budget constraint.
Why does a temporary increase in the real wage increases the amount of labor supplied, but a permanent increase may decrease the quantity supplied. Condiotions of this too happen too.
If the Rhine Corporation ignores the possibility that other firms may enter its market, it should set a price of $10,000 for its product, which is a power tool.
Economists who work for thegovernment are often called upon to make policyrecommendations. Why do you think it is important for thepublic to be able to differentiate normative statements frompositive statements in these recommendations?
When McDonalds Corp reduced its price of the big mac by 75 percent-Using your knowledge of game theory, what do you think disrupted McDonald's plan?
You are told that the ratio of the actual output per worker of country j to the actual output per worker of country i is 0.3. You suspect that differences in savings rates (s) between the two countries may also explain the difference in the countr..
What is the thinking for revitalizing the burnt area? What should there be done such as replanting saplings, seed, or just let nature take its course?
One of the goals of macroeconomic policy is to reduce the severity of business cycles. Q. If the severity of business cycles were reduced, what would be the effect on each of the four types of unemployment and on the unemployment rate as a whole
Find out an article on decreased consumer spending, list the name of the article and provide the link to it.
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