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Upscale hotels in the United States recently cut their prices by 25% in an effort to bolster dwindling occupancy rates among business travelers. A survey performed by a major research organization indicated that businesses are wary of current economic conditions and are now resorting to electronic media, such as the Internet and the telephone, to transact business. Assume a company's budget permits it to spend $6,000 per month on either business travel or electronic media to transact business. Graphically illustrate how a 25% decline in the price of business travel was initially $1,200 per trip and the price of electronic media was $600 per hour. Suppose that, after the price of business travel drops. The company issues a report indicating that its marginal rate of substitution between electronic media and business travel is -1. Is the company allocating resources efficiently? Explain.
In a recent conversation a policy maker argued that since DEWA is monopolist, they are charging higher price and lower output is produced. He further mentioned that government should split the entire unit into small pieces so that competition can dri..
The problem belongs to Economics and it is clarify about calculation of a monopolist firm's marginal revenue function, profit maximizing output, total revenue function, the price charged by the firm, etc.
Suppose that John is currently earning an income of $10,000 (I = 10) and can earn that income next year with certainty.Should he take the new job if is a risk neutral agent.
one is to convert the actually a nominal gdp number to a real gdp number. the other is to convert a nominal gdp growth
Reffland Corporation is charging $6 per pizza in a perfectly competitive market. They realize that when producing 100 pizzas, they face total fixed costs of $500 and total variable costs of $200. The next unit costs $4 to produce
a find recent values of per capita gdp for two countries of your choice. explain two reasons why these values might be
Given the optimal order quantity calculated above, if the average inventory is 136 cartons, then the monthly holding cost is ____ dollars, and the total cost including the cost of supply or the total unit cost for all units, holding and ordering i..
A farmer is deciding between planting several vegetable (or fruit) crops on a 225-acre farm. Based on the annual profits per acre returns for lettuce, tomatoes, peppers, and cucumbers listed below, formulate a MOTAD problem and graph the E-TAD eff..
As the skill level (and therefore earnings rate) of, say, an architect, computer specialist, or chemist increases, what happens to his or her opportunity cost of doing other things? How is the time spent on leisure likely to change?
A single price monopoly has a marginal revenue curve that is
What is the marginal rate of technical substitution?
assume that you are going to open up a lemonade stand. you have savings in cash of 100 to begin your venture. you
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