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1. What is price elasticity of demand? How is it measured? If the price elasticity is -3 and $300 is the marginal cost of product X, what should be the optimal sale price?
(Hint: apply the mark-up rule)
2. What is meant by price discrimination? What are the conditions to make price discrimination effective? Discuss answers with examples from the Airline Industry.
Assume you are asked to do market analysis in an area in which a natural disaster has recently occurred. For example, Nashville after Spring floods or New Orleans after Hurricane Katrina.
Tweens might appear to be a very attractive market when you consider they will be buying products for years to come. But would you change your mind if you knew that baby boomers account for 50 percent of all consumer spending in the United States?
Determine elasticities for every single variable in the equation (ignore the constant). Interpret your answers (say what the elasticity means). What would be the effect of a $5,000 increase in the competitor's advertising expenditure?
At an annual compound interest of 10% per year, would you rather receive $10,000 per year for 5 years or receive $5,000 per year for 10 years What is your preference if you must pay these amounts rather than receive them
Use aggregate demand (AD) and aggregate supply (AS) model in which the short run aggregate supply curve slopes upwards to describe the equilibrium level of real GDP and prices if the economy is operating:
In Gelate, Pennsylvania, the market for compact discs has evolved as follows. There are two firms that each use a marquee to post the price they charge for compact discs.
Problem: Consider a first-price auction with three bidders, whose valuations are independently drawn from a uniform distribution on the interval (0, 30). Thus, for each player i and any fixed number y ∈ (0, 30), y/30 is the probability that player..
Based on the Law of One Price, what is the equilibrium nominal exchange rate between the U.S. dollar and the euro? What is the equilibrium real exchange rate between the U.S. and Europe.Describe how an arbitrageur could profit from this situation.
What is opportunity cost? Explain with the help of an example, why assumption of constant opportunity cost is very unrealistic? Explain law of demand with the help of a demand schedule and demand curve.
How the western European economies, especially of France, has higher living standards than we do. Therefore they can afford their great benefits.
explain whether the following scenarios shift the aggregate supply or aggregate demand curves. Illustrate what happens by using a graph. Finally, state in what direction the price level and the quantity move. a.) Households decide to save a l..
Illustrate what policies have been proposed or implemented to address the problem your describe.
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