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1. Price elasticity of demand is an important tool for managers in in a selling environment in deciding what to put on sale. Assume you are the District Manager of a grocery chain which sells everything like Ralphs or Albertsons. What will you put on sale in your district during the Valentine's Day week? You must provide your reasons. 2. As a Manager, your goal is to maximize profit of your business. Assume you are in charge of managing your company's costs - you are the Controller of Accounts and all purchases must be approved by you. With appropriate examples, illustrate how you and your Division will contribute to maximizing profit of your business.
Assume government forced a minimum wage above what otherwise would be equilibrium wage rate for this segment of the labor market.
Assume the market for natural gas can be explained by, Where P is the price of natural gas per million BTU, Q(D) is the quantity demanded and Q(S) is the quantity supplied of million BTUs of natural gas a day.
Compare the two graphs for GNP for Techistan and Growthistan. What is the difference in the final value of GNP for each country and Plot the growth rate for Techistan and Growthistan on one plot.
Discuss and explain the income and consumption relationship make sure to describe marginal propensity to consume. If you received an extra dollar, how much of it would you spend?
Assume an airline flying on the New York - Chicago route has estimated the demand curves for three different types of customers: business (no advance purchase), leisure (7 day advance purchase), and discount (14 day advance purchase) travelers.
Franklin D. Roosevelt ' New Deal in the 1930's aid United States to go through the depression. There were famous 3-Rs: relief, recovery and reform.
Test the null hypotheses that the slope terms are individually insignificant using one-tailed t-tests using a .05 level of significance and evaluate the quality of the model.
Johnston production is the price taker which utilizes this cost structure in the short run:
Research the economic costs involved in the conducting break-even analysis for good or service of your choice. Assess the factors involved in conducting the break-even analysis. Find out the conditions which might exist for the manager of this goo..
Externalities are 3rd-party consequence of some other action. They can be positive or negative externalities and they impose a benefit or cost to a 3rd-party.
Suppose that instead of maximizing profit, the firm wants to maximize total revenue. Using algebra determine the optimal output, price, profit and revenue for the firm.
A firm in a purely competitive industry is currently producing 1000 units per day at a total cost of $450 and If the firm produced 800 units per day, its total cost would be $300, and if it produced 500 units per day, its total cost would be $275.
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