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Given the slope of the demand curve for a product at -.00235 what is the elasticity of demand for a price of $11.50 and 520 product units sold? What pricing changes (increase, keep the same, or decrease) should the seller make to increase revenue?
In particular, please explain why some policies got implemented even though they may be against economic principles.
Given a daily traffic rate of 6000 cars, a toll of $26.00 per car, and a price elasticity of -1.4. What would be the effect of a 50% decrease in price on the traffic rate and daily revenue?
Participate in a discussion with your classmates regarding where you see the U.S. economy in its business cycle right now, as based on the economic concepts in the textbook. Now that we learned that the real business cycle results from fluctuations i..
Shepherd Book invests $15,000 in a pension. During the first year, the pension will be worth $1,000, the second year $2,000, the third year $1,000, and the fourth year $2,000, and so on. What is the annual worth of this pension to Rev. Book, given th..
A recent industry report concluded that the global demand for the good X is expected to increase. Based on the demand projections given in the report Colaba, a firm that produces and sells X, is contemplating hiring more labor to increase production...
Calculate the equilibrium level of income/ aggregate expenditures. Assuming M = 200, calculate the new equilibrium and the multiplier.
In Bovania, milk constitutes 56% of the typical basket of goods for a typical consumer. Let's say the price of milk rises by 7% and the prices of all other goods fall by 4%. Based on the information given, we can definitely say... The answer is that ..
What kinds of changes in underlying conditions can cause the supply curve to shift? Give some examples and explain the direction in which the curve shifts.
Is Humble's statement economically correct? Explain your answer in detail.
The elasticity of demand for a product depends upon the.....- Manufacturers costs- availability of substitutes, -availability of raw materials- amount the manufacturer is willing to produce? WHY?
In considering the international realm, let’s consider the concept of economic treaties. Specifically, let's think about an organization like the European Union (EU). Why was it formed? In addition, what are some of the objectives of the nations that..
What is the purpose of economic sanctions? What problems do they pose for the nation initiating the sanctions? When are sanctions most successful in achieving their goals?
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