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Upscale hotels in the United States recently cut their prices by 20 percent 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 $5,000 per month on either business travel or electronic media to transact business. Graphically illustrate how a 20 percent decline in the price of business travel would impact this company's budget set if the price of business travel was initially $1,000 per trip and the price of electronic media was $500 per hour. Suppose that, after the price of business travels drops, the company issues a report indicating that its marginal rate of substitution between electronic media and business travel marginal rate of substitution between electronic media and business travel is - 1. Is the company allocating resources efficiently? Explain.
Demonstrate, using supply and demand analysis, the effect on the equilibrium price and quantity of new hybrid automobiles when the following occurs.
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Using the concept of opportunity cost also PPF explain the phrase affluence tomorrow requires sacrifices today
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Provider A charges $120 per month for the service regardless of the number of phone calls made.
discuss the one presented in the Bruntland Commission Report
describe the current account balance, the capital account balance, and the official settlements account balance.
A firm with a U-shaped average cost curve finds that its costs exceed its revenues when it sets price equal to marginal cost.
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