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6. The owner of a small chain of gasoline stations in a large Midwestern town read an article in a trade publication stating that the own-price elasticity of demand for gasoline in the United States is -0.2. Because of this highly inelastic demand in the United States, he is thinking about raising prices to increase revenues and profits. Do you recommend this strategy based on the information he has obtained?
Did JAL's forward contracts constitute an economic hedge? That is, is it likely that JAL's losses on its forward contracts were offset by currency gains on its operations?
problem 1 consider the following two-player static simultaneous-move game with perfect information. player 1 chooses
Is this social preference profile single-peaked?
consider two countries a and b which have identical physical endowments of a key natural resource such as oil or gold
The table lists the maximum feasible hourly rates of the production of pastries if no sandwiches are produced and the maximum feasible hourly rates of the production of sandwiches if no pastries are produced.
On the other hand, suppose that the Fed has a goal of 10% inflation. Use similar logic as in the previous question to show what the Fed must do to the money supply.
"If you are the curator of a museum that charges a fee to enter and your boss wants you to increase revenue, what price change do you make?"
When calculating the arc elasticity of demand, the percentage change in price (quantity) should be based on the average of the starting and ending prices
Suppose that the demand and supply curves for good A are given as (note the instructions above about rounding your answers) The equilibrium price in this market is
What are Economies of Scale? Why is it Significant to understand this concept? How can one's knowledge of Economies of Scale contribute to decision making processes in organizations?
What role do you think price levels play on consumption and AD? What would be the effects of increased saving and decreased consumption on the aggregate demand?
Why is knowing (or estimating) the product demand so crucial for a firm? In your response, include an example of a U.S. business that has suffered from poorly estimating the demand of its products.
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