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A researcher estimated that the price elasticity of demand for automobiles in the United States is -1.2, while the income elasticity of demand is 3.0. Next year, U.S. automakers intend to increase the average price of automobiles by 5 percent, and they expect consumers' disposable income to rise by 3 percent. (a) If sales of domestically produced automobiles are 8 million this year, how many automobiles do you expect U.S. automakers to sell next year? (b) By how much should domestic automakers increase the price of automobiles if they wish to increase by 5 percent next year?
patricia is researching venues for a restaurant business. she is evaluating three major attributes that she considers
Alan Greenspan,chairman of the fed ,was the leading proponent of the view that it is too difficult , and potentialy too harmfull,topop a bubble by raising interest rates..if bubble emerged, better to quickly lower interest rates to cushion the blo..
Graph shows number of workers along the horizontal axis and wages along the vertical axis. Coordinates are plotted to indicate a downward-sloping diagonal line
suppose you are the main negotiator between your company and retailers carrying your companys line of dairy products.
The secret to producing more consumption goods in the future is
The only two consumers in an exchange economy, consumer A and consumer B, consume the only two goods, X and Y, in the economy. There are 20 units of X available and 20 units of Y.
assume you are a policymaker in washington dc. lobbyists for the preschoolers of america have put pressure on their
Using suitable diagrams and appropriate assumptions, Describe why two indifference curves cannot intersect.
Suppose the long-run total cost function for any firm in an industry is given by the cubic equation. TC=a+bq+cq^2+dq^3. Show (using calculus) that this total cost function is consistent with a U-shaped average cost curve for at least some values of a..
use the internet to research the apple corporation its current position and reputation regarding ethical and social
what are the capital (k) and labor (L) elasticities of production? What do these elasticities tell you? Log Q=-1.5+.52log k+.65log L
A reserve price is a minimum price set by the auctioneer. If no bidder is willing to pay the reserve price, the item is unsold at a profit of $0 for the auctioneer. If only one bidder values the item at or above the reserve price. An auctioneer fa..
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