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If the price elasticity of demand in the United States for American-made luxury cars is 1.9, what is the impact on revenue if the price increases by 10%?
Revenue increases by 10%
Revenue increases by 5%
Revenue decreases by 9%
Revenue decreases by 18%
The original Cobb-Douglas function was given as Q = aLbLl-b. It was subsequently rewritten as Q = aLb1Kb2.
How does this alter the isocost and isoquant graph? d.Given these forecasts, where should you expand production?
If average worker produces $70,000 of GDP, by how much will GDP increase if re are 140 million labour force participants and unemployment rate drops from 5.2 to 4.5 percent.
The following is intended to explore what kinds of cross-price demand relationships are logically possible in a two-good model with exogenous income.
A monopoly is considering selling several units of a homogeneous product as a single package. A typical consumer’s demand for the product is Qd = 60 - 0.25P, and the marginal cost of production is $80. Determine the optimal number of units to put in ..
If there is a 10% decline in the cost of women's fur coats and a 25% increase in quantity demanded Illustrate what is the elasticity.
smaller multiplier means that change in government purchases of goods and services, government transfers, or taxes necessary to close an inflationary or recessionary gap is larger. How can you explain this apparent inconsistency.
Illustrate what could be related goods to health care. Illustrate what are the inter-relationship between these goods.
3a wine producer claims that the proportion of its customers who cannot distinguish its product from frozen grape juice
If the demand increases for a product like gasoline and there is no change in the supply of gasoline at the same time, then using SUPPLY and DEMAND CURVES, the new equilibrium price might go up or stay the same, or be lowered.
Assume that the price elasticity of demand is -2 for a certain firm's product. if the firm raises price so, the firm managers can expect total revenue to: A/ decrease B/ increase C/ remain constant D/ either increase or remain constant depending upon..
Suppose Nation A can produce 2 million pounds of sugar per week OR 1 million pounds of rice in a week and Nation B can produce 10 million pounds of sugar per week OR 3 million pounds of rice in a week. If this is a two-good, two nation model,
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