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You are the Manager of a firm that receives revenue of RM 30,000 per year from product X and RM 70,000 per year from product Y. The own price elasticity of demand for product X is -2.5, and the cross price elasticity for product Y and X is 1.1.
Explain how much will your firm's total revenues (revenue from both products) change if you increase the price of good X by 1 percent? Present your answers in details.
Calculate and interpret the own price, cross price, and income elasticity of demand.
Elucidate how Elucidate how an increase in the marketplace demand elasticity affects the elasticity of the residual demand curve.
Microsoft appears to have a monopoly with over 90 %of the personal computer operating market. Why then would it not be charging a monopoly price
Consider the following Demand equation that represents Demand for goods to your company produces q=100-2p. Total cost of production is cq. Given to your company's objective is to maximize profit
Compute the unemploymet rate and the labor forceparticipation rate,and compare thse raes wth those in the United States in 2009.
Explain why might the private market not reach the socially optimal level of traffic without the help of government.
Customers arrive at an automated coffee vending machine at a rate of 4/min, following a Poisson distribution.
discuss whether you agree or disagree with Chairman Bernanke's remarks on economic outlook and the role of the Fed' s monetary policy effectiveness by using unconventional policy.
Which of the following terms express a person who risks his or her financial resources by investing it in the hope of making a profit.
illustrate the effect of capital information by comparing the prodution possibitity curves, at the present time and ten years in the future, for two economie, one with a high and the other with a low rate of capital formation.
Elucidate the relationship among scarcity, choice and opportunity cost in the context of managerial economics.
Explain why might it be appropriate for the government to allow a pharmaceutical company to have a monopoly in the production of a drug.
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