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Suppose the price elasticity of demand for TV is estimated to be 4. What does this mean in term of responsiveness of demand?
Pure competition, Oligopoly, Pure monopoly, monopolistic competition. Describe each and give an example.
Determine your own market for a good and conduct your own analysis of a change in both the demand curve and the supply curve and report how the equilibrium price and quantity will change. Be sure to describe your good in question and what factor caus..
Analyze the history of changes in GDP, savings, investment, real interest rates, and unemployment and compare to forecast for the next five years. Analyze how monetary policy could influence the long-run behavior of price levels, inflation rates, cos..
The manager of a canned food processing plant is trying to decide between two labelingmachines. Determine which should be selected on the basis of rate of return with a MARR of 20%per year.
If the government imposes a ceiling of $6 on the price of the firm's product, Illustrate what output will the firm produce also Illustrate what will be total profits.
Your company has a monopoly on a wristwatch digital cameras. Market research has shown that demand for these cameras is P(Q, z) = z(48−2Q). Suppose that, for a given quality, consumers were more price elastic when it came to cameras. Given the above,..
Do you think this will be delayed as was ICD-10? Do you think we should move to ICD-11 next year?
Assume you’ve just been assigned to a project to determine the future demand for natural gas in a rapidly growing community where the population is expanding because of the influx of several large employers. Describe five additional factors that you ..
Why do economists include only final goods and services in measuring GDP for a particular year? Why don't they include the value of used goods, i.e. cars, furniture, etc., bought and sold? Define net exports. Explain how US exports and imports each a..
A firm has a monopoly on a new type of gaming console. The market demand is given by P=175.3-0.003*Q and thus marginal revenue is MR=175.3-0.006*Q. The monopolist's marginal cost is MC=5.2+0.001*Q. Calculate the profit-maximizing production quantity.
You are a physician and your daughter has always wanted to be a physician too. She now wonders if she should invest the time and money
Is it wrong for Walmart to fight Unionization? Sam Walton always felt the company should function as one big happy family and that the unions.
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