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Explain the relationship between elasticity of demand and total revenue for the following ranges along the demand curve, using the attached "Graphs for Elasticity of Demand, Total Revenue." Include the impacts to quantity demanded and total revenue when there is a price decrease, ceteris paribus.
1. Elastic range
2. Inelastic range
3. Unit-elastic range
Changes in price do not always impact demand to the same degree, and in some cases change in price impact demand very little. Such goods are said to have relatively inelastic demand.
If this firm was under perfect competition, what would be the efficient level of output in the long run?
June 26 2008 - A recent opinion through Opinion Research Corporation found that many United States businesses are missing out on vital feedback and ideas from their own workforces.
What would be the effect of each of the following on the supply of salsa in the United States? In each case, identify the responsible determinant of supply.
calculate the formulas for the monopolists' FC, VC, ATC, AVC, and AFC. calculate the profit - maximizing choice of output, price, and profits. Also, how come, in a perfectly competitive market, the burden of a tax is shared in the short run? Also, ..
Describe the difference between a diminishing marginal product of labor and a negative marginal product of labor. Why would a profit-maximizing firm always choose to operate where the marginal product of labor is decreasing (but not negative)?
Compare and contrast your local utility company with a local farmer (corn, soy bean, cotton, etc.). Why does your utility company always operate with price is greater than marginal cost whereby the farmer attempts to produce where price equals mar..
Since 1997, at least three million vehicles have been recalled due to air bag related troubles. Of these, roughly half were due to troubles of the sort that only time and road experience are likely to reveal.
Assume that the competitive firm's marginal cost of producing output q is given by MC(q)=3+2q. Suppose that the market price of the firm's product is $9. Find out level of output will the firm produce?
What is the short run shut down price for each firm and how does this short run shut down price differ from the long run shut down price?
Compute the percentage change n nominal GDP, real GDP, and the GDP deflator n 2009 and 2010 from the percentage year. For each year, identify the variable that does not change?
How much quantity does each individual firm produce? Using your answers from a) and b), determine if an individual firm is making a profit or loss and calculate this amount.
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