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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?
Explain, illustrating with graphs as necessary-be sure that the shape of your supply and demand curves make economic sense.
Illustrate what recommendations you make to assist the organization
Using indifference curve analysis, explain and show graphically the effects of higher gasoline prices on:
You are the administrator of hospital and situation has been brought to your attention.
The manager of a national retailing outlet recently hired an economist to estimate the firm's production function. Based on the economist's report, the manager now knows that the firm's production function
Use a production possibility frontier to illustrate the probable results of your fiscal policy. By how much did consumption change? By how much did savings change?
Develop an exponential smoothing forecast with smoothing constants α =0.1 and 0.3. What would be the forecast for week 11?
For each of the following concepts provide a definition, a complete explanation as to their significance, and a practical example.
US cigarette makers face enormous punitive damage penalties after losing a series of class action lawsuits-What action do you suppose the cigarette companies took to avoid bankruptcy?
E;lucidate whether each among the subsiquent is an example of an automatic fiscal stabilizer.
Read the following text and answer the questions below: Discuss the limitations of this model as an explanation of the effects of government expenditure on GDP.
Discuss how the aggregate expenditure function shifts in response to changes in each of time following variables:
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