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Your company's executive vice president circulates a memo to the firm's top management in which he argues for a reduction in the price of the firm's product. He says a price cut will increase the firm's sales and profits.
As the head of marketing you respond with a memo pointing out that the price elasticity of demand for the firm's product is about -0.5. Why is this fact relevant?
The firm's president concurs with the opinion of the executive vice-president. Is he correct?
What is the initial effect of the tax reduction on aggregate demand? What additional effects follow this initial effect? What is the total effect of the tax cut on aggregate demand?
The marginal revenue curve of a monopoly crosses its marginal cost curve at $30 per unit, and an output of 2 million units. The price that consumers are willing and able to pay for this output is $40 per unit.
Shoes For Less (SFL) hires you to estimate the demand for their shoes, and you estimate this to be: Describe the difference in the results between your results and those of original consultant.
Economic opportunities happen from nations which develop industries in which they have a comparative advantage and describe the concept of comparative advantage.
Find an expression for the marginal product of labor, MP L , when the amount of capital is fixed at 16 units, and then illustrate that mardinal producer of labor depends on the amount of of labor hired by calculating the marginal porducto of labor..
In recent years, scores in baseball have constantly increased. Most experts believe that this is due to expansion of new teams into the league.
Levi Strauss successfully markets Levi jeans on the History channel as a way for older men to stay young forever. What will happen in the jeans market ceteris paribus?
Question about micro economics- Sam Smith owns an internet radio company that has subscribers in Houston and Dallas
Using the firms marginal cost curve, compute the profit-maximization long-run supply curve for typical retailer. Compute the average total cost curve for the typical gasoline retailer, and determine that average total cost are less than price at the..
Microeconomics is considered to be the study of scarce resources. Here, customers must make allocation decisions. These 3-basic trade offs include which goods or services are to be manufactured,
Explain the median housing price in a community
Consider the preferred prices of the authors and publishers of the electronic book, whose marginal cost of production is close to zero? Would the two disagree regarding the price to be charged for book?
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