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Vik and Fleet produce trainers in the sports-shoe market. For one of theirmain products they have the following demand curves:Vik PV ¼ 175 1:2QVFleet Pf ¼ 125 0:8Q fwhere P is in £ and Q is in pairs per week.The firms are currently selling 80 and 75 pairs of their products per weekrespectively.
a. What are the current price elasticities for the products?
b. Assume that Vik reduces its price and increases its sales to 90 pairs andthat this also causes a fall in Fleet's sales to 70 pairs per week. What isthe cross-elasticity between the two products?
In the fall of 2003, many analysts predicted that the dollar would fall in value relative to other currencies because the trade deficit in the United States had become too large. What effect would a fall in the dollar have on growth in the rest of..
To evaluate the two projects, you decide to use the company's weighted average cost of capital (WACC) for the less risky project (12 percent) and the WACC plus two points (14 percent) for the more risky project.
What is the steady-state level of output per worker? Suppose that the economy is in steady state and that, in period t, the depreciation rate increases permanently from 0.10 to 0.20.
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Sales ofpleasure boats fell by nearly 90 percent in southernFlorida as prospective buyers bought boats in theBahamas to avoid paying the tax. What does this implyabout the size of the elasticity of demand?
Mapleville Tennis & Golf Club offers golf and tennis memberships to the residents of Mapleville. Market research has found there are two types of families living in the city: 120 golf-oriented families and 100 tennis-oriented families. Information..
On the graph above, choose threat points for John and Sally and label them. Label one point on the utility frontier that would be acceptable to both John and Sally. c. Label a point on the utility frontier that would not be acceptable to Sally.
Draw the resulting T P curve to scale, relating output to labour.
"In late 2006 and early 2007, orange crops in Florida were smaller than expected, and the crop in California was put in a deep freeze by an Arctic cold front. As a result, the production of oranges was severely reduced. In addition, in early 2007,..
In the linear breakeven model, the relevant range of output is that range where the linearity assumptions of the model are assumed to hold.
Suppose the government imposes a price floor of $25, and agrees to purchases any and all units consumers do not buy at the floor price of $25 per unit a. Determine the cost to the government of buying firms' unsold units. b. Compute the social wel..
Suppose we are interested in bidding on a piece of land and we know one other bidder is interested.1 The seller announced that the highest bid in excess of $10,000 will be accepted. Assume that the competitor's bid x is a random variable that is u..
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