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Suppose a firm has the following demand equation: Q = 1,000 - 3,000P + 10A, where Q = quantity demanded P = product price (in dollars) A = advertising expenditures (in dollars) Assume for the questions below that P = $3 and A = $2,000 a. Suppose the firm dropped the price to $2.50. Would this be beneficial? Explain. Illustrate your answer with the use of a demand schedule. b. Suppose the firm raised the price to $4.00 while increasing the advertising expenditures by $100. Would this be beneficial? Explain. Illustrate your answer with the demand schedule. Question 2. A bookstore opens across the street from the University Book Store (UBS). The new store carries the same textbooks but offers a price 30 % lower than UBS. If the cross-elasticity is estimated to be 1.5, and UBS does not respond to its competition, how much of its sales is it going to lose?
in 1995 mango production in kenya fell by approximately 85 following a flood. the retail price of mangoes rose by a
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You have won the lottery. There are two ways which you can receive your prize. You can either have 1 million in cash now, or you can have 1.2 million that is paid out as follows: $300,000 now, $300,000 in one year's time, $300,000 in two years' ..
It is often suggested that the Federal Reserve try to achieve zero inflation. If we assume that velocity of money is constant, does this zero-inflation goal require that the rate of money growth equal zero
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A group of five students has decided to form a company to publish a guide to eating establishments located in the vicinity of all major college and university campuses in Texas. In planning for an initial publication of 6,000 copies, they estimate..
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why would a country eliminate trade restrictions and encourage free trade? using the european union as an example
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