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A researcher estimated that the price elasticity of demand for automobiles in the U.S. is -1.2, while the income elasticity off demand is 3.0. Next year, U.S. automakers intend to increase the average price of automobiles by 5 percent, and they expect consumers' disposable income to rise by 3 percent.
(a) If sales of domestically produced automobiles are 8M in this year, how many automobiles do you expect U.S. automakers to sell next year?
(b) by how much should domestic automakers increase the price of automobiles if they wish to increase sales by 5 percent next year?
Determine the effect of mandated health insurance profits be on the labor if the employees do not place any value on the benefits? What if they do place value on the profits?
Compared to last year, more television sets are being bought while the selling price has fallen. This could have caused by:
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elizabeth M. suburbs makes $200 a week at her summer job and spends her entire weekly income on running shoes and designer jeans, because these are the only two items that provide utility to her.
Wilpen Corporation, a price-setting form, manufactures nearly 80% of all tennis balls purchased in the United States. Wilpen estimates the U.S. demand for its tennis balls by using the linear specifications:
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For the same loan described under Q3, the individual decides that instead of selling the house after the 71st payment, to keep it and shorten the pay off period by increasing the montly payment by $150 each month. What is the number of months re..
What are consumption and saving in each period, assuming no borrowing constraints? What happens if the consumer faces a borrowing constraint that prevents her from borrowing?
What is the probability that Z is smaller than 1.02? b.) What is the probability that Z is greater than 0.65? c.) What is the probability that Z is between -2 and -0.5? d.) What is the probability that the interval [Z-1, Z+1] contains the value 0?
A corporation is interested in knowing which potential sales are next year if you use $20,000 in advertising expenses. The corporation uses the data from previous years to make its sales forecast.
At a student café, there are equal numbers of two types of customers with the following values. The café owner cannot distinguish between the two types of students because many students without early classes arrive early anyway (i.e., she cannot p..
Dr. Izobel Stevens is physician at the Westbury HMO, a New York City based medical facility serving the poor and indigent. Stevens is estimating the cost effectiveness of a preventive maintenance event,
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