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1) Demand of a product is usually very sensitive to economic variables, such as the prices and consumer income. This responsiveness of demand is elasticity. Compute elasticity in the below scenarios:
a. Yesterday, the price of envelopes was $3 a box, and Jacky was willing to buy 10 boxes. Today, the price has gone up to $3.75 a box, and Jacky is now willing to buy 8 boxes. Is Jacky's demand for envelopes elastic or inelastic? What is Jacky's elasticity of demand?
b. Katy advertises to sell cookies for $4 a dozen. She sells 50 dozen, and decides that she can charge more. She raises the price to $6 a dozen and sells 40 dozen. What is the elasticity of demand? Assuming that the elasticity of demand is constant, how many would she sell if the price were $10 a box?
What amount can Ralph deduct if he and the potential client tried to discuss business during the course of the theatre performance but did not discuss business at any other time?
analyze the graphs and briefly describe the similarities and differences between the short and long run operation of each business
In March 2011 Chu, at age 50, decides to retire. As part of his employment contract with Computers Pty Ltd, Chu had agreed that he will not compete against the company in New South Wales for two years.
Economic consequences and positive accounting theory try to explain why managers care about accounting policy choices and to predict how managers will respond to changes in accounting standards. Explain the relation between economic consequences and ..
If at its next policy meeting the FOMC decreases its target federal funds rate, Describe the open market operations the Fed would enact to achieve a lower federal funds rate. Explain the effect this policy action is likely to have on the exchange rat..
The U.S. was on a "gold standard" from 1879 to 1933. Which of the following was a a major disadvantage of being on the gold standard from an economic point of view?
What is the amount of 10 equal deposits that can provide five annual withdrawals, where a first withdrawal of $2,000 is made at the end of year 11 and subsequent withdrawals increase at the rate of $500 per year, if the interest rate is 10% compou..
Suppose there are two types of drivers on the road. Speed Racers have a 7% chance of causing an accident per year, while Low Riders have a 2% chance of causing an accident per year. Suppose the insurance companies know with certainty each driver’s ty..
Firms often face the problem of allocating an input in fixed supply among different products. Find theoptimal crude oil allocationfor the following example if the profit associated with square foot of fiber is cut to $0.375, while the profit asso..
Complete a one page answer to the following questions. Should the Federal Reserve Board of Governors remain independent? What is the strongest argument on either side?
Ricardian Model. Consider two countries: A and B. Labour is the only factor of production for goods X and Y. Consider the following matrix of unit labour requirements. X Y Labor Endowments Country A aLx = 15 aLy = 3 60 Country B aLx* = 6 aLy* = 2 60...
What are the four types of a tiered infrastructure? What additional features does platform-as-a-service (PaaS) offer beyond software-as-a-service (SaaS)? How do efficiency and effectiveness metrics differ?
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