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You just opened a flower shop and are trying to understand pricing issues. You were told that elasticities are very important in determining prices and what products to supply, so you decide to investigate this concept. You call your friend, an economics professor, and ask, "What is the price elasticity of demand? What determines it? What is elastic and inelastic demand?" To really understand it, compute the following price elasticities of demand: The price of a laptop increases by 20% and there is a 40% drop in the quantity demanded. The price of a pack of cigarettes increases by 10% and there is a 5% drop in the quantity demanded. Of the above examples, which is more elastic, and which is the least elastic? Why? Answer the following questions: Why is elasticity an important concept for a business? Bridge tolls Beachfront properties Gourmet coffee Gasoline Cell phones Now that you are an expert on elasticities, what do you think would be the best time of year to raise prices of flowers, and why? What do you think the elasticities are in the flower business?
Assume that a industry produces 200000 units a year and sells m all for $10 each. Furthermore, assume that marginal external damage of this product is $6 per unit. How many more units of this product will free market produce than is socially.
Explain the viewpoints of classical and Keynesian economists. How did the economy that existed at the time of these theories influence them?
Suppose the quantity of good X demanded by individual 1 is given by X1 = 10 ?? 2PX + 0:01I1 + 0:4PY and the quantity of X demanded by individual 2 is X2 = 5 ?? PX + 0:02I2 + 0:2PY a) What is the market demand function for total X (= X1+X2) as a fun..
Please try to come up with real examples: it's not enough to say which savings account decreased.
Three $1,000 face value bonds that mature in 10 years have the same level of risk, hence their YTMs are equal. Bond A has an 8% annual coupon, Bond B has a 10% annual coupon, and Bond C has a 12% annual coupon. Bond B sells at par.
Elucidate how can you derive an equation describing labor demand in this economy as a function of the real wage also capital stock.
This will mean replacing one of the weekly passenger flights with a freight flight
q1. pick one important business decision and discuss why knowledge of the state of the economy using macroeconomic
January $40,000, February $30,000, and March $50,000. For each month, prepare the entry to assign overhead to production using a predetermined rate of 80% of direct labor cost.
The regression results are presented on the next page. Based on this information, which proposal would you favor.
If U.K. workers wage is 30GBD per day (and fixed exchange rate is $2= 1GBD Illustrate what is upper limit to U.S. worker's wage per day.
Starting at the demand price $3.00 the demand quantities are 60,70,80,90,100. At what price is the euilibrium price? At what price does suplus occur? at how many large?
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