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a) Assume a decrease in consumers' incomes causes a decrease in the demand for chicken and an increase in the demand for potatoes. Which good is inferior and which is normal? Explain your reasons.
b) How will the equilibrium price and quantity change for each good?
Demand estimation and forecasting and income elasticity of demand
Angelica pickles manager a Quick copy franchise White Plains, New York. Pickles projects reducing copy 5¢ to 4¢ each, Quick Copy's $600-per-week profit contribution will increase by one-third.
If the goal of the transit authority was to maximize total revenues, what is the new price it should set? Also, what would the total revenue raised in this new price scheme?
Determine how the following situations will affect the demand curve for ipods.
Describe the difference between movement along the demand curve and a shift in demand. Provide an example to help the class understand the difference between the two.
Examine the factors that determine the price of computers in a free market.
Describe the effect of each of the following events on the market for labor in the computer manufacturing industry. Use graphs.
Question about micro economics- Sam Smith owns an internet radio company that has subscribers in Houston and Dallas
n a competitive market place (pure competition) is it possible to continually sell your product at a price above the average cost of production.
A grocery store notices that the cross-price elasticity between ice cream and chocolate syrup is -.3. The store is advertising a sale with ice cream prices reduced by 20%.
What are the various methods of inventory valuation? Explain the effect of inventory valuation methods on profit during inflation. What are the provisions of Accounting Standard 2 (AS-2) with regards to inventory valuation?
Estimate the demand function
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