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Suppose the own price elasticity of demand for good X is -3, its income elasticity is -2, its advertising elasticity is 3, and the cross-price elasticity of demand between it and good Y is -5. Determine how much the consumption of this good will change if:
Instructions: Enter your answers as percentages. Include a minus (-) sign for all negative answers.
a. The price of good X decreases by 7 percent.
b. The price of good Y increases by 8 percent.
c. Advertising decreases by 4 percent.
d. Income increases by 3 percent.
According to the rule for optimal input usage, a firm should hire a person as long as her marginal revenue product is greater than her marginal cost to the company. In offering such training programs, is a company violating the optimality rule?
Assume that The United States passes a law that allows an additional 1 million persons to immigrate to the United States each year. Discuss the effects that this will have on the Production Posibilities Fromtier. (identify at least 3 effects)
A hearing is scheduled for your company to Current arguments that your industry has not increased its market power through this merger. Can you do this. How. Illustrate what evidence might you bring to hearing.
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A fleet manager must choose between two trucks to purchase for a company's fleet. The company will keep either truck for 4 years. Truck A costs $29,000 and has a market value of $16,000 after 4 years. Truck B costs $33,000 and has a market value of $..
Suppose the S&P index is expected to fall by 1 percent over the next month. What is the expected return on PepsiCo's stock?
What is the relationship between the marginal rate of substitution between leisure as well as labor as well as the marginal product of labor in the RC model.
Which of the following is not part of the index of leading economic indicators?
Suppose the distribution of innate ability is distributed symmetrically throughout a population but which the wage distribution is positively skewed.
The law of supply states that there is a negative relationship between price and quantity demanded. An increase in consumer income will affect the supply of any given product. Joint output of individuals or nations will be maximized when goods are ex..
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