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Suppose an office supply store increased its price of file folders from $.79/box to $.99/box and the quantity demanded decreased from 85 boxes/month to 83 boxes/month. What is the price elasticity of demand for file folders? Is the demand elastic, unit elastic or inelastic? Calculate the change in total revenue as a result of the price increase. What happens to the total revenue generated for the office supply store as a result of the price increase, and how does it show the relationship between elasticity and total revenue? If the price of a product were increased from $25 to $26 and quantity demanded fell from 10 to 9, calculate the price elasticity of demand. Is the demand elastic, unit elastic or inelastic. Calculate the change in total revenue as a result of the price increase. What happens to the total revenue generated for the office supply store as a result of the price increase, and how does it show the relationship between elasticity and total revenue?
You are the manager of a firm that receives revenues of $60,000 per year from product X and $90,000 per year from product Y. The own price elasticity of demand for product X is -1, and the cross-price elasticity of demand between product Y and X is 1..
An industry said to be characterized by monopolistic competition is the apparel industry. Suppose you were hired as a consultant by a firm in this industry. How would advise the firm as to the levels of output, price, input usage, and advertising?..
Illustrate what is the value of consumer surplus. Illustrate what is the value of the deadweight loss created by this monopoly.
Analyze the effect of each scenario on the price of khaki pants. Think about how each scenario would affect the price of khaki pants. Create one graph that shows each of the demand-supply curves for the five scenarios listed in Step 1. Find the new e..
Think of an organization with which you are familiar. How has that organization's ethical policies changed as a result of external pressure? Provide examples.
Show what would in the market for unskilled labor if Congress were to raise the federal minimum wage to $9.00 per hour. The value of the Syrian pound has dropped
What Should we be Doing with Welfare Policy and Why? You are asked whether current antipoverty policy meets three generally accepted goals of helping, preserving work incentives, and minimizing cost and what changes you would favor and why.
Using relevant international marketing concepts? Critically analyse the claim that a glocalised marketing approach is the key to success for international companies
According to an old myth, Native Americans sold the island of Manhattan about 400 years ago for $24. If they had invested this money at 7% interest per year, how much would they have today?
One U.S. dollar is trading on the foreign exchange market for about 1.47 Chesterfield ales (the Chesterfield currency). Therefore, one Chesterfield ale would have purchased how many U.S. dollars?
With Australia going through a long-lasting drought in the first decade of the 21st century, serious concerns were raised about the possibility of running out of water.
Describe how each of these activities affects government households as well as businesses.
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