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Situation: Three Guys Named Moe, a moving company in Econopolis, is contemplating a price hike. Right now, they charge $20 per hour, but Moe #1 thinks they could get $30. Moe #2 disagrees, saying it will hurt the business. Moe #3, the brains of the outfit, has calculated the price elasticity of demand for their moving services in the range from $20 to $30 and found it to be 0.5. What will be the impact of a price increase on the company’s Total Revenue?
Should they do as Moe#1 suggests and raise the price? Why or why not?
Currently, Three Guys is the only moving company in Econopolis. Moe reads in the paper that several new movers are planning to set up shop there within the next year. After these competing firms move into Econopolis, is the demand for Three Guys’ services likely to be more elastic, less elastic, or the same? Why?
Shirley thinks that two 8-ounce cans of soda are exactly as good as one 16-ounce can of soda. Suppose that these are the only sizes of soda available to her and that she has $30 to spend on soda. Write down Shirley's demand functions for general pric..
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If congress decides to reduce the tax paid per pack paid by sellers of cigarettes other things being equal the cost of cigarettes will fall.
Which of the following examples are used as evidence favoring the bounded rationality ?assumption?
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After a wage increase, the SE on leisure is -5 and the IE on leisure is 3. Find the TE on labor due to wage increase (if there is enough information provided to determine the answer).
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Make the assumption that an economy has no external effects and all actors are perfectly informed. In addition, one good is produced by a firm who is a non-discriminating monopolist (known as Frontier Firm).
q.conclusion at harding silicon enterprises inc.harding silicon enterprises inc. produces less than 1 of the worlds
Compute a 99% confidence interval rather than a 90% confidence interval. The increase in confidence indicates that we have a better interval.
Home and Foreign are two identical countries except that people in Home work twice as hard of those in Foreign. Each has two industries (Steel and Shoe industries), where steel production is capital intensive and shoe production is labor intensive. U..
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