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GaRam is a sales manager of an appliance store and she sometimes visit outlets run by competing stores. Six months ago, she noticed that rivals' prices were very close to the prices at her store. However, in the last six months, her competitors have lowered their prices to about 15 percent below the prices at her store. Nevertheless, the total unit sales at her store have increased slightly during this time period. Assuming rational buyers and no deceptive advertising, what is the rational explanation for this?
At 36 units of labor, a firm finds that both average product of labor and marginal product of labor equal 42. We can conclude that the average product curve at 36 units of labor is
Consider a market for pawn brokers. The television show Pawn Stars creates a lot of positive buzz for the profession. What will happen to the market? Demand increases, demand decreases, supply decreases, no change in either, or supply increases?
Please consider a product that has five different price points per unit: $100, $200, $300, $400, and $500 find out the corresponding Quantity Demanded (Qd) and Quantity Supplied (Qs) from the following two equations: Demand equation, Supply equation.
Consider a two-period economy with a single commodity (say leisure): x_1 is the consumption of leisure in period 1, and X_2 is the consumption of leisure in period 2. When Peter evaluates consumption streams, he cares only about the best time in his ..
Which of the following jobs is the least likely to be filled by an economics major?
Select an industry or firm. State its market structure (pure competition, monopoly, monopolistic, or oligopoly). Next, please define the characteristics of the industry or firm that support your selection of market structure. Lastly, describe and ill..
Sandy and Bob's Manager wants to forecast the number of sales that will require fulfillment in the next five months.
In the case of purchasing a vehicle does utility maximization assist in efficiency in production and resource allocation? Please explain.
In 2004, the economy was at full employment, with a real GDP of $886 billion, a 6% nominal interest rate per annum, a 2% annual inflation rate, a 1.1 price level, and 10 velocity of circulation. What is the real interest rate in this economy? How doe..
Using the Community Health Care Roles and Functions Table, examine the health care professions and departments involved in public policy, outcomes, and social marketing aspects of the health care field. Determine the following for each role or profes..
GRAPH a comparison of the short-run and long-run profits, price, and quantity of a Monopoly and a Perfect Competition firm. Which type of market structure generates greater profits? Why? Give 5 Characteristics of a Perfect competition firm and monop..
Effective marketers are quite aware of the relationship among
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