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Suppose if the price of a good is $5, the quantity demanded is 100 units; when the price is $7, the quantity demanded is 80 units. Use the midpoint approach to compute the price elasticity of demand. Is demand at this point relatively responsive or relatively unresponsive to price changes? 2.) For this exercise you will need to first build a graph to these specifications: Draw a downward sloping demand curve with vertical intercept (0,16) and horizontal intercept (16,0). Label the price above which the demand is always elastic. Label the portion of the curve at which an increase in price will lead to increased revenue.
In solving an arithmetic gradient problem with the gradient decreasing, which is true? Use the highest amount as the base. Calculate uniform series with that base amount, and then subtract the calculated gradient (wedge).
Find the three stages of production. If the wage rate is $500 and the price of output is $5, how many workers should the firm hire? Why?
We discussed in class several of the dependent variables that need to be considered when managing people (performance, job satisfaction, turnover, absenteeism, organizational citizenship behavior, deviant workplace behavior). Select two of these and ..
if customers also purchased French fries and a soft drink, Wall Street Journal reported that company was hoping novel promotion would revive its US sales growth. illustrate what do you think disrupted McDonald's plans.
How did Cummins use regulation as an opportunity?
What does it mean that marginal product of capital is decreasing? Show the marginal products are diminishing in the cobb-douglas case. Determination of steady state capital per worker consider the steady state capital per worker k*, how is k* affecte..
A manager is trying to decide whether to build a small medium or large facility. Demand can be low, average, or high, with the estimated probabilities being 0.25, 0.40, and 0.35, respectively. If a large facility is built and demand is high, earnings..
Suppose good X is a normal good. Then a decrease in income would lead to
Is the model heteroscedastic? Check the KB results to determine your answer.
All astute comments thus far. Some government projects also programs continue to give benefits for many yrs.
"The problem with our democratic institutions is that they dont correctly reflect the will of the people! If the people rather than self-interested politicians or lobbyists- had control, we wouldnt have to worry about government taking actions that d..
Explain how large an income tax cut is needed Alternatively Explain how much more government spending would achieve the target.
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