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The application of elasticity is very useful in evaluating the possible effects that a change in the price of a good or service has on total revenue collected. Consider the use of public transportation in a metropolitan environment. If the subway and bus system decides it needs more revenue, should it raise or lower the price of a ride? How will this affect the demand for other forms of travel such as car traffic and the use of taxis? Make sure to consider the elasticity of demand for the good or service in question as well as the elasticity of demand for close substitutes.
Diminishing marginal returns begins with which employee? Suppose a pot sells for $20 each. What is the marginal revenue product of labor of the second worker? If wages are $50 per day and pots sell for $20 each, how many potters will the firm hire?
can you suggest better methods of making the adjustments for the stated purpose. llustrate what general guide can you suggest as to elucidate how much price should be increased
q1. angie silva recently opened the sandal shop a store that specializes in fashionable sandals. angie has just
How does global economic competition impact the domestic market and decisions related to the strategy a firm uses to compete? Why do some economists oppose trade restrictions? Explain your answer.
Assume that the price of wheat [an important input in the production of pasta] has decreased and at the same time, good economic conditions have increased the income of consumers. If pasta is an inferior good, show graphically and briefly explain wha..
Write at least one primary and one alternative recommendation from the selected strategies in response to each identified planning need. More than one recommendation may be needed to address all of the planning needs. It is suggested that each recomm..
Two manufacturing firm, located in cities 90 miles apart, both send their trucks four times a week to the other city full of cargo and return empty. Each driver costs $275 per day with benefits (the round trip takes all day) and each firm has truck o..
Equal annual withdrawals are to be made from the account, beginning 1 year from now and continuing forever. What is the maximum amount that she can withdraw at the end of each year?
Describe the specific target market - Develop strategies for entering the target market
Gomez runs a small pottery firm. He hires one part-time worker at $12,000 per year, pays annual rent of $5,000. for his shop and spends $20,000. per year on materials. Gomez has $40,000 of his own funds invested in equipment (pottery wheels and kilns..
Consider a person with preferences over two goods, coffee and cigarettes. Both of these goods are addictive, in other words the more coffee you drink, the more willing you are to give up other goods in exchange for coffee and the more cigarettes you ..
Fury’s Furniture Factory actual sales and purchases for April and May are shown here along with forecasted sales and purchases for June through September. The company makes 22% of its sales for cash and 78% on credit. Of the credit sales, 45% are col..
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