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Explain whether each of the following statements describes a change in demand or a change in quantity demanded, and specify whether each change represents an increase or a decrease.
a. Baby Steps Footwear experiences a 40 percent increase in sales of baby shoes during a 3-day, half-price sale.
b. Tabitha gets a promotion and 15 percent increase in her salary and decides to reward herself by purchasing a new 3-D television.
c. When the price of peaches unexpectedly rises, many consumers choose to purchase plums instead.
d. Due to potential problems with its breaking system, Asteriod Motors has experienced a decline in sales of its Galactica automobile.
e. Antonio, an accountant working for the city of Santa Cristina,decides to forego his annual vacation to Hawaii when word leaks out that the city may be cutting all employees’ salaries by 10 percent at the end of the year
What is rent seeking How much, potentially, might this monopolist spend on rent seeking activities Assume that they will earn the same profit you calculated in part c forever, and that the interest rate is 5%.
You are the manager of a small pharmaceutical company that received a patent on a new drug three years ago (patents in the U.S. are valid for 20 years). Despite strong sales ($125 million last year) and a low marginal cost of producing the product ($..
Explain the relationship between the Magpie and the Eagle and explain what would be the effect of a 10% increase in the income of the target market have on the demand for the Magpie
Assume the price of beans rises from $1.00 a pound to $2.00 a pound, quantity demanded falls from 10 units to 6 units. In this example, the demand for beans is said to be ______
Analyze the characteristics of each of these goods. Focus on the characteristics that define each good as public or private.
Consider a production setting with two factors of production,one fixed in the short run.Show how isocost/isoquant analysis can be used to derive a short run average total cost curves.Label your diagramms carefully.
Compute the cross-price elasticity of demand between goods X and Y at the given prices. What is the own price elasticity of demand at these prices?
Give two conditions that are important to the efficient market theory. List one implication of the efficient market theory.
Equipment initial cost $ 500,000 Equipment salvage value $ 25,000 Annual gross income $ 300,000 year 1 Income gradient years 2 - 5 $ 25,000 Annual gross income $ 400,000 years 6 - 20 Annual operating expenses $ 160,000 first 10 years
Every summer, tickets are sold for a high demand event, tickets are distributed on a first-come-first-served basis at 1pm on the day of the show, but people begin lining up before dawn. Most of the people in the lines appear to be students.
A colleague tells you that he can get a business loan from the bank, but the rates seem very high for what your colleague considers a low risk loan. a. Give an adverse selection explanation for this, and offer advice to your friend on how to solve ..
Using Excel's regression function in the Data Analysis menu. (b) Using the coefficients found in the regression estimate, enter a formula (based in cells C6 through J6 to forecast the sales revenue when quality control goes from $2 million to $..
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