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If the price of X drops from $1 to 80 cents, and the quantity rises from 2,000 pounds purchased to 3,000 pounds purchased what can we say about the relationship between total revenue from the sale of X and the value of the price elasticity od demand? Suppose that the demand for x rises from 2,000 pounds to 2,100 pounds after the price drop. What can we say about the change in total revenue from the sale of X and the price elasticity of demand in that case?
In general what is the relationship between the change in total revenue from the sale of a product and the value of the price elasticity of demand?
Consider the market for leather shoes. If producers believe the price of leather shoes will increasae next month, today
Suppose a large number of new immigrants enter the labor market. Assume this increase in the supply of labor provides a drag on wage increases: wages rise by less than the prevailing rate of inflation over the next year. Use the short-run model to ex..
Which of the following statements about indifference curves is true
When ShorTech introduced its Quadrant mobile phone, it had few competitors and set a price of $500 when its marginal cost per unit was $350. The economics consulting firm it hired to estimate the demand elasticity confirmed this was the optimal price..
Firm x develops a new product and gets a head start in its production. Other firms try to produce a similar product but discovers they have higher average total cost than the existing firm. This situation illustrates what
How does Ticketmaster's "dynamic pricing" affect ticket sales, total revenue and profit? Does Ticketmaster provide a valuable service, or is it a necessary evil to purchasers of event tickets?
Why haven't large nationwide chains been particularly successful dominating upscale consumer markets in areas like restaurants, jewellery and wine, while they have taken over mass production markets such as fast food and beer?
When can an employee’s religious belief qualify as a bona fide occupational qualification? Do you believe religious hiring is BFOQ? Can a person claim to be discriminated against because of his or her spouse's national origin? Multimatrix, Inc., has ..
what money growth rate should the Fed aim for to hit its inflation target in that period? If the Fed instead maintained the money growth rate from part a, what is likely to happen to inflation.
Essential Problems in bold: Demand with a quasi-linear utility function. Consider a consumer with the following utility function u(x1, x2) = √x1 + x2. This is an example of a Quasi-Linear utility function. We can see that it is linear in good 2 but n..
For the Portfolio Project, conduct an analysis of a recent article and provide your evaluation and outcome expectations in an articulate and informative paper that discusses: A minimum of three general economic principles related to the article. Iden..
Which of one of the following is an disadvantage of multiple choice questions? How can descriptive statistics be defined. Which measure of varibility describes the average deviation of each score from the mean
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