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The Dolly Madison Inc at Emporia estimated the following elasticities for a special type of doughnuts: price elasticity EP = 2, income elasticity EI = 1, and cross elasticity EXY = 1.5, where X refers to doughnuts and Y to bagels. Next year, the firm would like to increase the price of the doughnuts it sells by 6 percent. Management forecasts that income will rise by 4 percent next year and that the price of bagels will fall by 2 percent. (a) If the sales this year are 120,000 doughnuts, how many doughnuts can the firm expect to sell next year? (b) By what percentage must the firm change the price of doughnuts to keep its sales at 120,000 tons next year?
Total profit is maximized at output of ? What is profit maximizing price? What will profits be at profit max output and price?
Major restructuring plan in an attempt to reverse declining global sales. Suppose that as part of the restructuring plan Mitsubishi conducts an analysis of how labor and capital are used in its production process. Prior to restructuring Mitsubishi’s ..
Explain why is presidential power "conditional" - that is, why is affected so substantially by circumstances, the makeup of congress, and popular support.
For each event given below, respond to the following points using the determinants of demand and supply: Determine whether demand or supply changes or if the event instead causes a change in quantity demanded or quantity supplied. State whether the c..
Information Resources, Inc. (IRI), collects data on consumer packaged goods at 32,000 scanner checkout counters and in panel surveys of 70,000 households. What expenses explain the difference between 43 percent and 29 percent? What percentage change ..
Does neoclassical economics focus more on long term economic growth or on recessions? Explain your answer. Does neoclassical economics view prices and wages as sticky or flexible? Why? Does neoclassical economists tend to focus more on cyclical unemp..
q.investment and monetary policya the economist on the 7th may 2011 printed the followingas vietnams government appears
question 1 nbspa group of rogue french farmers has gone on a furious egg breaking rampage destroying tens of thousands
Suppose that in 2013, the U.S. runs a current account surplus of $514 billion. If other factors did not affect the U.S. balance of international indebtedness, it would decrease by $514 billion during 2013. Suppose that in 2013, the U.S. next external..
Suppose that a country's inflation rate increases sharply. Which of the following statements are true? Wealth in savings accounts is not subject to a change in the inflation tax because the real interest rate will increase with the rise in inflation...
Which of the following two examples illustrates adverse selection and which illustrates an incentive problem? Explain your answer. In each case, give one method that the restaurant might use to reduce the problem.
Summarize the arguments as to why we should not worry about the very large size of recent and current Federal deficits and our National debt. Deficits naturally occur with business cycles. Deficits can be used to lower unemployment now. Deficits spen..
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