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Question - You are the manager of a firm that receives revenues of $175,000 per year from product X and $50,000 per year from product Y. Both products have similar production costs. The own price elasticity of demand for product X is -1.5, and the cross-price elasticity of demand between product Y and X is 1.6. The end of the quarter is approaching and you are feeling pressured to increase the firm's revenues. To that end, one of your colleagues suggests a 2 percent price increase to product X, the most successful product in the firm.
a. Are products X and Y substitutes or complements?
b. Do you think your colleague' suggestion will have the desired effect? How much will total revenue change if you follow your colleague's suggestion?
If the firm's goal is to maximize the efficiency of its labor expenditures, which of the three hourly salary rates should it use: $26 per hour, $36 per hour, or $49 per hour? By contrast, which salary maximizes the productivity of the car dealer's wo..
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read the article some banks encourage over drafts reaping profit and then answer the following questions1. what is the
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What combination of meat and potatoes should she buy to maximize her utility? (Hint: Meat and potatoes are perfect substitutes)
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