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Bellsouth Mobility (BM) ran a pricing trial in order to estimate the elasticity of demand for its services. The manager selected 4 states that were representative of its entire service area and increased prices by 5% to subscribers in those areas. One month later, the number of its customers enrolled in BM's plans declined 4% in those states, while enrollments in states where prices were not increased remained flat. Based on this information, the manager estimated the own price elasticity of demand and based on her findings immediately increased prices in all markets by 5% in an attempt to boost the company's revenues. One year later, the manager was confused because BM's revenues were down 10%. Apparently, the price increase led to a reduction in the company's revenues.
Did the manager make a mistake? Explain.
Sales and profits for a new product are uncertain. The predicted sales may be as high as 10,000 units per year with a probability of 10%. The most likely value is 7,000 units per year. The pessimistic value is estimated to 5,000 units per year with a..
You deposit $10000 into an account paying 8% interest compounded quarterly. You want to make withdrawals of $1300 each year for the next 15 years. If you were to make two equal deposits, one in year 5, the other in year 10, how much would they need t..
Elucidate proponets of free market systems argue that free enterprise leads to more efficient production and better responses to changing consumers preferences.
Suppose the number of officially classified employed persons equals 80 million people; the number of discouraged workers is 12 million people; the number of stay at home spouses is 15 million people; Based on this information, calculate the official..
We would expect the coefficient of cross elasticity of demand for DVD players also DVDs to be positive.
Researchers have found a hybrid of corn that is cheaper to grow. This technological break through
Identify the main instruments that governments use to constrain/restrict the behavior of economic agents (consumers and producers). Use a simple model to explain how each is expected to affect behavior.
Evaluate the competitors' existing production in the chosen country. Evaluate forecast sales in the selected country. Determine the type of economy that exists in your selected country.
Calculate real GDP in each year, and the percentage increase in real GDP from year 1 to year 2 using year 1 as the base year. Next, do the same calculations using the chain-weighting method.
Explain how specifically can GDP be adjusted to better measure well-being.
In finance and economics, the "Dow Theory" is a theory that states the demand for goods should be reflected in the amount of cargo carried by transportation companies and delivered to consumers and businesses. The Dow Jones Transportation Average (DJ..
A country which does not tax cigarettes is considering the introduction of a $0.40 per pack tax. The economic advisors to the country estimate the supply and demand curves for cigarettes as: QD = 140,000-25,000P QS = 20,000 + 75,000P, What are the eq..
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