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You are the manager of a firm that receives revenues of $60,000 per year from product X and $80,000 per year from product Y. 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 -1.4.How much will your firm's total revenues (revenues from both products) change if you increase the price of good X by 2 percent?A risk-neutral consumer is deciding whether to purchase a homogeneous product from one of two firms. One firm produces an unreliable product and the other a reliable product. At the time of the sale, the consumer is unable to distinguish between the two firms' products. From the consumer's perspective, there is an equal chance that a given firm's product is reliable or unreliable. The maximum amount this consumer will pay for an unreliable product is $0, while she will pay $250 for a reliable product.a. Given this uncertainty, what is the most this consumer will pay to purchase one unit of this product?$b.How much will this consumer be willing to pay for the product if the firm offering the reliable product includes a warranty that will protect the consumer?
What is the break-even price and what is the shut-down price and should Joe continue to produce in the short run? Explain.
Draw the diagram showing the cost structure of price taker and a market price well above minimum average cost. Given that any firm is price taker, how can a firm capture any economic rent (profits in excess of opportunity cost of capital)?
discuss the supply and demand as well as elasticity concepts of the panera bread company. incorporate these concepts
Dave deposits $5,000 into a savings account that pays 7.2 percent per year, continuously compounded. What is the effective annual interest rate? Decide the value of his account at the end of two years.
create a research hypothesis in your area of study that would be answered using a chi square test of independence. list
the olde yogurt factory has reduced the price of its popular mmmm sundae from 2.25 to 1.75. as a result the firms daily
Assume that the following data characterize the hypothetical economy of Trance: money supply = $180 billion; quantity of money demanded for transactions = $160 billion; quantity of money demanded as an asset = $10 billion at 12 percent interest, i..
Show that for any bidder i, the bid of vi weakly dominates any lower bid. Show further that for any bidder i, the bid of vi does not weakly dominate any higher bid. Next, show that the action profile in which each player bids her valuation is not a..
Due to the recent recession, the government increased spending. Explain the effects of increased government spending on nominal interest rates.
What factors should a seafood processing plant, a cell phone retailer, and a barber shop consider in choosing a location? List factors for each type of business
An illegal cross-licensing agreement to share their patents, what common royalty rate should they charge each other to maximize their profits?
The index most widely used by the government and the private sector to measure changes in the cost of living is the GDP deflator or else.
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