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An auto dealership estimates that its demand curve has an elasticity of 2.78. If it wishes to increase sales by 12%, by how much should it decrease price? What will happen to revenue (rise or fall)? If instead it raises price by 20%, what is the percent decline in sales?
Suppose that the economy is thought to be 2 percent above potential (that is, the output gap is 2 percent) when potential output grows 4 percent per year. Suppose also that the Fed is following the Taylor rule, with an inflation rate of 2 perce..
Given that milk and cookies are complements, suppose the price of flour (an ingredient in cookies) rises. What happens in themarket for milk. In a competitive market, when price is below the equilibriumprice, there will be pressure for the price to.
Assume that the following data characterize the hypothetical economy of Trance: money supply = $180 billion; quantity of money demanded for transactions = $160 billion; quantity of money demanded as an asset = $10 billion at 12 percent interest, i..
Alice and Bob survive on hamburgers and salads. Alice's utility function
Calculate and Plot using a spreadsheet the series for Real GDP and calculate and Plot using a spreadsheet the yearly % changes in Nominal GDP (i.e. [GDPt+1-GDPt]/GDPt)
Discuss the relationship existing between production and cost. What is the MC function of the above TC function?
According to Exhibitor Relations Co., in 2006 average movie ticket prices were $6.55 and attendance was 1.4 billion; in 2007 ticket prices were $6.88 and attendance was 1.41 billion.a. What happened to total revenue from 2006 to 2007?
What is likely to happen to the proportion of schoolchildren classified as "disabled" and why? B. Since the diagnoses of many disabilities are to some extent subjective, how might schools respond to the new education funding system?
With current technology, suppose a firm is producing 400 loaves of banana bread daily. Also assume that the least-cost combination of resources in producing those loaves is 5 units of labo
Which piece of information is more important in the utility maximization process: marginal utility per unit of the good or marginal utility per dollar? WHY?
Calculate the profit maximizing price and quantity of subscriptions for the U.K. and indicate each on the appropriate graph. Do the same for the U.S.
Suppose you are to specify a short-run total variable cost function for a nursing home. Explain the variables you would include in the function.
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