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The Teenager Company makes and sells skateboards at an average price of $70 each. During the past year, they sold 4,000 of these skateboards. The company believes that the price elasticity for this product is about -2.5. Which of the following would be the best option for the company?
Raise the price and plan to increase the quantity supplied
Lower the price and plan to increase the quantity supplied
Raise the price and plan to decrease the quantity supplied
Lower the price and plan to decrease the quantity supplied
Explain why the food stamp program can have the same effect on the consumption pattern and well-being of recipients as an outright.
Explain how did the invention of crack cocaine transform the urban street gang. As per the data cited in this chapter, civil rights laws and a shift in the attitudes in the United States regarding race helped to improve the status of black society..
Describe the founding of the company. Did any mergers or acquisitions affect the company? Were there any regulatory or other changes that affected the company's development?
Imagine a nonprofit organization trying to raise funds for cancer research. What types of strategic alternatives might such an organization develop?
GDP can increase from one year to the next by: Increases in prices while quantities of goods and services are constant. Increases in the quantities of goods and services produced while prices remain constant. Both prices and quantities of goods and s..
If GDP increases in nominal terms from $600 billion in 1994 to $663 billion in 1996 and the price index (1992 = 100) rises from 120 to 130, how much real growth (in 1992 dollars) in GDP occurred between 1994 and 1996?
Suppose that the U.S. dollars-Mexican pesos exchange rate is fixed by the U.S. and Mexican governments. Assume also that labor is mobile between the United States and Mexico due to low transportation costs. Which of the following situations is likely..
What are the main differences between microeconomics and macroeconomics? Provide an example of a microeconomic and macroeconomic phenomenon.
Consider a labor market in which the intersection of the demand curve and the supply curve occurs on the “backward-bending” part of the labor supply curve (i.e. the part where the labor supply curve is downward sloping), but the demand curve is steep..
There have been a number of papers in the literature emphasising the role and importance of network structure in economics, the equilibrium arising therein and the relationship between the topology and other graph properties and the equilibrium.
Can a for-profit business engaged in maximizing profits also be an ethical business? If so, why or why not? Include discussion of at least 1 ethical theory, refer to a least 2 materials assigned in Theme 2, and give at least 1 specific example to cla..
Suppose that the GDP of California increases by 14% each year. How long will it take for the GDP of California to double? Suppose that the GDP of Oregon today is exactly twice what it was 37 years ago. What was the average annual growth for Oregon ov..
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