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Consider that you are a manager of a company selling laptops--these days.
Suppose the price elasticity of demand is 1.7.
Is this price elastic or price inelastic demand?
What happens to total revenues (price X quantity) as you increase price with a price elasticity of demand of 1.7? Do revenues go up or down?
What happens to total revenues (price X quantity) as you decrease price with a price elasticity of demand of 1.7? Do revenues go up or down?
Why do we care about revenues? Do we want to focus on revenues or profits (profits = revenues - costs)? For what products will maximizing revenues be similar to maximizing profits?
How is this info helpful to a manager?
Explain why is a risk analysis so important. In your opinion, which among the factors of the risk analysis carry more weight than others?
Using the perfectly competitive labor demand and labor supply model, what would happen, all else equal, to the real wage and the number of workers in each of the cases below: A. There is an increase in the amount of physical capital as a result of po..
Many cities regulate taxi industry by licensing cabs. These licenses are often called medallions because they are issued in the form of a metal shield that must be affixed to hood of the cab, where enforcement officials can easily see it.
Using above demanded schedule, find out the elasticity of demand for each price change. (Example: when price changes from $5 to $10, quantity demanded changes from 1000 to 800 oz., so the elasticity of demand, by using average values, is 1/3 or 0...
Would the following events usually lead to capital deepening? Why or why not? a. A weak economy in which businesses become reluctant to make long-term investments in physical capital.
when does a recession begin and when does it end?the dating of a business cycle is done by the business cycle dating
How thw economy revoves from a recession and returns to its long-run equilibrium with out any policy intervention.
Why supply in the man is considered as factors that make market economies work why supply in the man drives the market economy provide
What was the major event in the global and U.S. loanable funds market in 2009? How did this event affect the global supply and demand for loanable funds?
Since the end of World War II, some countries have achieved great strides in a variety of development indicators, whilst others have stagnated, and still others have had mixed experiences.
Describe what effect an expansionary fiscal policy would've on the price level and real GDP starting from full employment equilibrium.
How has the sale of guns changed since the 9/11 attacks? Approximately how many guns are there currently in the US?
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