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To increase revenue and profit, a firm is considering a 4% increase and an 11% increase in advertising. If the price elasticity of demand is -1.5 and the advertising elasticity of demand is +0.6, would you expect an increase or decrease in total revenue? Explain.
A firm has a cost function given by the following: Find the firm's production function, y= f(x1, x2).
Discuss the effect (increase or decrease) of an increase in the tax rate, t, on the equilibrium income Y* using the effect of increasing t on the equilibrium solution.
Which piece of information is more important in the utility maximization process: marginal utility per unit of the good or marginal utility per dollar? WHY?
Suppose that rather than the declining demand assumed in Example 2.7, a decrease in the cost of copper production causes the supply curve to shift to the right by 40 percent. How will the price of copper change?
a consummer has a revenue of i dollars. the prices of x and y are px and py. the utility function of the consummer is
according to exhibitor relations co. in 2006 average movie ticket prices were 6.55 and attendance was 1.4 billion in
in the case of consumer durables we find that when the product is introduced the prices are high but over time the
Coffee and cream are complementary goods. An unexpected period of bad weather adversely affects the coffee bean crop. Use a supply and demand graph to illustrate the affect of this bad weather on the price and quantity of coffee.
Under what circumstances would a discriminating monopolist produce more socially optimal quantity than a nondiscriminating monopolist Is there any situation under which a discriminating monopolist could produce the quantity that would be produced ..
When Burton Denson graduated with honors from the American Trucking Academy, his father gave him a $350,000 tractor-trailer rig. Recently, Burton was boasting to some fellow truckers that his revenues were typically $25,000 per month
What are some explanations for the coordination failures that prevent workers and employers from reaching agreements?
a. Anticipated changes in aggregate demand effect only the price level; they have no effect on real output. b. downward wage inflexability means that declines in aggregate demand can cause long lasting recession. c. Changes in money supply M increas..
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