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Until recently, Marco's Pizza sold a large pizza for $20 and they sell 250 large pizzas per week. They just raised the price to $28 and as a result, they only sell 150 pizzas per week. Using the midpoint rule, find the price elasticity of demand for Marco's Pizza's large pizzas. Is the demand for Marco's elastic or inelastic. Did their total revenue increase or decrease with the change in price?
q1. what are the overall keys to answer questions about how attaching more regulation would influence economic
Crimes Against Public Order. In some legislative contexts, public interests take precedence over individual rights and freedoms, and the crimes appear to be "victimless." Give several examples of crimes in this category and use the examples to illust..
What are the shortcomings of GDP as a measure of economic welfare? Discuss 3 other social indicators that can be used with GDP to measure welfare.
A sports store puts designs 12 different designs on sweat shirts. Setup between each design takes an hour and costs $18,000. Once setup, at a cost of $8,000 they can produce 1,000 units. Does this production exhibit scale economies or scope economies..
Assuming that LRR =25%, the Fed decided to apply a Monetary Expansion Policy using the Discount Rate Policy in the amount of $145,000,000 of Borrowed Reserves. Explain in words and numbers what does this monetary policy mean. that is what does this s..
If the dollar is devalued against gold and the pegged rate is changed to $40 per ounce, illustrate what does this imply for the exchange value of the pound. Explain your answer.
Suppose a comparable phone costs 500 USD in the U.S. and 300 EUR in Germany. If the nominal exchange rate is 0.8 EUR per 1 USD, then the real exchange rate in terms of how many German phones can be traded for one U.S. phone is
Briefly describe the national security implications of the dependence on imported oil. Politicians of both political Parties routinely discuss the concept of achieving energy independence. Describe the reasons why this is or is not a realistic goal.
Regarding microeconomics, which of the following statements is correct? accounting profit is greater than marketing costs. accounting profit is different from economic profit. accounting costs include opportunity costs. economic profit is less than p..
Two firms are located on the line and sell identical products. Consumers obtain K utility from consuming a product; assume that K is large enough that all consumers purchase from at least one of the firms despite the costs of transportation.
Which of the following determine an individual's wage? If the price of output in an industry falls, firms in that industry will ______ labor.
Suppose that some foreign countries begin to subsidize investment by instituting an investment tax credit. What happens to the investment in our small open economy? What happens to our trade balance? What happens to our real exchange rate?
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