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If the price elasticity of demand for a product is -5, and the income elasticity of demand for the product is 2.5. If a 0.5% decrease in product price as accompanied by a 1% decrease in consumer income, the firm's total sales will
Explain why the demand for the good or service provided by the organization you work for is elastic or inelastic. How does this influence pricing decisions?
What are the production costs of your economics class? What are the fixed costs? The variable costs? What’s the marginal cost of enrolling more students?
The production function. Y=K^5 (AN)^.5 , where both the population and the pool of labor are growing by rate n=.07, the capital stock is deprecciating at a rate of d= .03, and A is normalized to 1. What are the capital's and labor's shares of income...
Illustrate what is the effect on the marketplace for an hour of babysitting services in Middling today, during this increased birthrate.
Purchasing Power Parity (PPP) implies that
evaluate a plan designed to cut costs. Under plan, workers would be paid a fixed rate of $8/hour. Would you favour plan, Explain.
Assume that there are 10 million workers in Canada also that each of these workers can manufacture
Explain General Medical makes disposable syringes for hospitals and doctor supply companies. The company uses cost plus pricing and currently charges 150% of average variable costs.
The type of planning conducted on a long-range basis by top managers is usually called
Assume the world has only the U.S. and Germany, and that trade between them is balanced such that neither runs a trade deficit nor surplus. If exchange rates now change such that the U.S. dollar becomes more expensive for Germans to buy (and all else..
Suppose, Worker 1 has a reservation price of 41 cents; worker 2s reservation price is 42 cents; worker 3s reservation price is 43 cents, and so on. There are 150 jobs in firms without air purification systems, and this number is fixed. Thus, the dema..
The cost leadership approach implicates competing by having a lower cost than one's competitors
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