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Problem 1.
The table shows the demand for DVD movie rentals
Question 1: Find the price elasticity of demand when the rental price increases from $3 to $5 per DVD.
Question 2: Find the price elasticity of demand when the rental price increases from $2 to $4 per DVD.
Problem 2.
The demand schedule for computer chips is
Question 1. What happens to total revenue when the price of a chip rises from 350 to 400? Calculate the price elasticity in that segment?
Question 2. What happens to total revenue when the price of a chip rises from 200 to 250? Calculate the price elasticity in that segment?
Question 3. At what price is total revenue at its maximum?
Question 4. What happens to total revenue when the price of a chip rises from 300 to 400? Calculate the price elasticity in that segment?
In article 2.6 in Dollars & Sense, current research reveals that minimum wage is not set too high! In keeping with your reading of Mankiw's ch. 6, what does this mean in terms of minimum wage being a price floor?
Discuss how you will monitor progress. Discuss what metrics, reports, and graphs you will use to monitor progress. Discuss how they would determine the cause of the variation.
In the competitive industry, reduction in property tax rate on fixed capital (plant) would reduce the fixed cost of all firms. This would have the following short-run effects on P, Q, and q respectively.
Based on the concept of “denominator management” by famed strategists C.K. Prahalad and Gary Hamel list five ways firms can increase short term return by increasing the ‘‘R’’ portion of ROI. Which of these may be harmful to a firm’s long-term strateg..
What are the key characteristics of an effective international monetary system? Does the current system meet these requirements?
There are two goods in the economy, anchovies (a fish) and bananas ( FARM product). Draw the economy's production possibilities before and after a natural disaster that lowers the banana harvest but does not affect anchovies.
Calculate the four-firm concentration ratio in the market for product X
Which of the following statements is true about the steps followed in a civil litigation before the trial begins?
What is a powerful and effective mechanism or promoting efficient resource use, reducing environmental degradation, and generating sustainable economic
What would you recommend that the firm do given this resource combination?
"Cost efficiency can still be considered a major strategic objective of banks." No additional instructions were given. APA format and five sources
For what values of b are cost, average cost and average variable cost positive at all levels of Q?
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