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A small grocery store faces the following demand for lobster. PRICE & QUANTITY: $0 and 80 quantities. $ 6 and 60 quantities, $12 and 40 quantities, $18 and 20 quantities, $24 and 10 quantities. The grocer is currently charging $18 per pound and is thinking of lowering the prices of lobster to $12 per pound. Using the demand information given, find the price elasticity od demand for lobster. Is demand inelastic, elastic or unit elastic? Based on your elasticity findings and without doing any further computations, determine whether or not a price decrease from 18 to 12 will increase revenue from the grocer. Briefly explain your answer.
7 Introduction:
Macroeconomics deals with the economy as a whole. The millions of individual microeconomic decisions of the people, businesses, and government in their totality represent a nation’s economy.
Tasks:
Provide an argument to describe the current state of the economy in terms of the following:
The economic goals
The definition of the phases of the business cycle
1. of u.s. firms with less than 500 employeesnbsp less than 25 export less than 40 export less than 5 export over 50
If the federal government were to run a budget deficit, this would:
1. which of the following best describes what happens when consumer income increases?a there is a shift to the right in
Institutional economics, especially applied to metropolitan areas, highlight problems with human capital theory and help us better understand wage differentials. Explain factors that shape wage differentials by metropolitan areas.
As a manager, what are some practical things you could do to raise marginal product per employee that also benefit the firm? In your answer use a company you currently work for or one you worked for in the past.
You own and operate a fruit stand. Your demand curve is given by P = .5 - .002Q, where P is in dollars and Q is in pounds of fruit. Your marginal cost curve is MC = .006Q. Your fixed costs equal $10.
The government wants to decrease the consumption of electricity by 10 percent. The price elasticity of demand for electricity is -0.4.
leadership is the process by which a person exerts influence over other people and inspires motivates and directs their
Suppose the movie theater cannot price-discriminate and needs to charge both students and professors the same price per ticket. If the movie theater charges $5, who will buy tickets and what will the movie theater’s profit be? How large is consumer s..
Lightweight personal locator beacons are now available to hikers that make it easier for the Forest Service's rescue teams to locate those lost or in trouble in the wilderness.
How does a ban on price discrimination affect producer surplus
We make selections as customers every day. Opportunity cost is defined as a person's next best alternative or cost of what you give up when you make a choice.
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