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Using Price Elasticity of Demand to Make Pricing Decisions
All firms can increase the volume of goods or services sold by cutting prices. But the volume (quantity) of goods or services a firm sells differs from a firm's revenues (price times quantity). Select a firm. What good or service does the firm sell? Is the price elasticity of demand elastic or inelastic for that good or service? How should the firm alter the price of the good or service to increase revenues?
A marketplace has only two sellers. Both are trying to decide on a pricing strategy.
What is the present value of $300 to be paid in two years if the interest rate is 12%? What happens to reserves at Third National Bank if one person withdraws $2,000 of cash and another person deposits $750 of cash?
How might there be increase in total spending on a child's education in response to providing a fixed level of education?
Evaluate the following: The laws of supply and demand cannot apply to the labor market because labor is not a commodity to be bought and sold like machines.
Suppose that in a city there are 100 identical self-service gasoline stations selling the same type of gasoline.
You are the manager of a firm that produces products X and Y at zero cost. You know that different types of consumers value your two products differently.
The organization you wish to pursue will convert existing hybrid Toyota Prius automobiles to plug-in hybrid vehicles.
How many "spells" of unemployment occur each year in this economy? What percentage of the "spells" are only one month long?
Suppose Acme decides that instead of cutting the wholesale price of the CD players it will offer a $50 rebate to the consumer (that is, the wholesale price is $200.
hat is your expected utility without insurance? Suppose you can buy insurance that will cover the medical expenses but not the foregone part of your salary. How much is an actuarially fair policy, and what is your expected utility if you buy it?
Draw the demand curve for the bridge crossings. How many people would cross the bridge when there were no toll? What is the loss of consumer surplus associated with charge of toll of $4.00
The Wozniak Corporation, a maker of aircraft engines, determines that in 2008 the demand curve for its product is as follows-What is the price elasticity of demand if price equals $500?
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