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In attempt to increase revenue and profits, a firm is considering a 4 percent increase in price and an 11 percent increase in advertising. If the price elasticity of demand is -1.5 and the advertising elasticity of demand is +0.6 would you expect an increase or decrease in total revenue?
Suppose there is a surge in demand for olive oil after researchers discover that olive oil consumption reduces heart disease. Analyze the short and long run effects of this increased demand on you firm.
Do you think that nearshoring or outsourcing will continue for U.S. companies? B. Identify a legal job that you would not accept on moral grounds? C. Identify a U.S. company that operates in a foreign country whose assets were confiscated. Explain..
If we assume that wage differences are caused solely by differences in productivity, how many times more productive was the average worker than a worker being paid the Federal minimum wage?
State Khinchine's weak law of large numbers and provide a proof of this result. Discuss conditions under which a law of large numbers exists for a sample of independent but heterogeneously distributed random variables.
Draw an aggregate production function with typical shape and label it "F". Make sure to label the axis of the graph. Now, add two more production functions based on the following scenarios.Efficient institutions are adopted in a country. Label this..
In 2007 the U.S. was faced with two events. At the beginning of 2007, oil prices more than doubled. A financial crisis hit the economy starting in August 2007 causing a reduction in consumer and business spending. These events led to a rise in th..
Discuss if you agree or disagree with this statement and explain your position: Market equilibrium (price and quantity of equilibrium) is just a theoretical result.
What is the equation of his budget line and sketch the budget line and two possible indifference curves that Herbert
You have been contracted by an economic consulting company to estimate the economic structure and possible future actions of OPEC, Organization of Petroleum Exporting nations.
Both countries have the same rate of depreciation (5%). Use the Solow model to calculate the ratio of their steady state levels of income per capita, assuming ? =1/3. a) Verbally, interpret your answer. b) How would your result change if ? =1/2?
Long run average costs rise as output increases if and only if the production function is homogeneous of degree p?(0,1). True or false? Explain your answer.
Assume you're in charge of the toll bridge that essentially cost free. The demand for bridge crossings Q is given by P = 60 - 2Q. Draw a demand curve for bridge crossings
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