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2. (Elasticity) Read the New Yorker article, "Amazon's Failed Pitch to Authors," available at the following link: www.newyorker.com/business/currency/amazons-failed-pitch-authors (a) Assuming that Amazon's internal figures are correct, compute the arc elasticity of demand for the change in price from $14.99 to $9.99 by using the corresponding quantity numbers from the article. (b) The literary agent, Brian DeFiore, worries that Amazon might continue to lower prices, to perhaps as low as $4.99. Assume that the demand curve for e-books is linear and that Amazon maximizes revenue on its e-book sales. What price would Amazon charge? [Hint: If you assume demand is linear you can work out its formula from the data in the article.] How would your answer change if the demand curve were of the constant-elasticity form (as in Q&A 3.2)?
To prevent gasoline values from having devastating effects on economy it has been proposed that all gasoline values in U.S. be fixed at the average value for the past 2-years.
After viewing the videos included in this week's multimedia resources, reflect on the challenges facing the U.S. labor force due to outsourcing of jobs overseas. Discuss the effect of outsourcing of production on GDP.
At the end of the year, you discover that the catch was low and that fish prices had increased to $5.00 per pound, but fruit prices stayed at $1.50 and meat prices had actually fallen to $2.00.
In the competitive industry, reduction in property tax rate on fixed capital (plant) would reduce the fixed cost of all firms. This would have the following short-run effects on P, Q, and q respectively.
Does economic theory indicate that an ideal regulatory agency that forces a monopoly to charge a price equal to either marginal or average total cost will improve economic efficiency Does economic theory suggest that a regulatory agency
Using the principles of supply and demand, develop a plan to alleviate the shortage of Math and Science teachers within this country. Try to use price and non-price determinants as your tools to reach equilibrium.
The velocity of M1 money has moved erratically in the past several years because Answer of low and stable rates of inflation of regulatory changes allowing banks to pay interest on checkable deposits interest rates have been stable monetary policy..
The production possibilities frontier can be used to demonstrate which of the following?If Lindenderry is at point U, producing 1300 tons of corn and 34 million automobiles, what is the opportunity cost of an additional 11 million automobiles?
Suppose that Starplex decides to implement third degree price dis-crimination. How many tickets w ll be purchased by college students? What price should Starplex charge college students? [Hint: carry youranswer out to two places past the decimal
A number of stores offer film expanding as a service to their consumers. Assume that each store that offers this service has a cost function C(q)=50+0.5q+0.08q2 .
Residents of your city are charged a fixed weekly fee of $6 for garbage collection. They are allowed to put out as many cans as they wish. The average household disposes of three cans of garbage per week under this plan.
Sidney Featherstone of TIP, Inc. is owner and CEO of the company. He has made the company successful through his decision making over the years. This year he decided to retire to Costa Rica. He does not intend to change any aspects of decision mak..
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