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Nike Store at Lee Plaza in Dumaguete City wants to know the optimal price of one of their Clarkson shoe model, taking into account the purchases of socks and insoles. The current price of the Clarkson shoes is P4,499.50 per pair, the related annual sales of which is 24 pairs. The cost of the shoes is estimated at P3,450.00. The elasticity of demand for the shoes is estimated at -2.9 and assumed to be constant within a relevant price range. Every purchase of a pair of the Clarkson model leads to an average of 2 pairs of socks and 1 pair of insole being sold. The socks and insoles contribute P95, and P70, respectively. What is the revised demand forecast for the shoes? (Note: Ignore the currency symbol and comma.)
Here is a linear demand function: .5Q = 15 -2P. Find its price function by inverting the demand function. Then find its total revenue function by multiplying
Assume for this CheckPoint that purchasing a new home is a major decision requiring a substantial financial outlay where the wrong decision has long-term financial consequences.
Any thoughts or comments? What is the necessity and relevance of measuring national income?
Beginning in 2008, economic conditions began to decline. Investors became unsure about the ability of private firms to repay outstanding obligations and it became difficult to tell high quality private investments from risky investments. draw the cha..
Those who advocate that the Fed target monetary aggregates, usually argue that the Fed should not alter its monetary targets in response to temporary changes in macroeconomic conditions, yet those who advocate interest rate targeting never recommend ..
What is the law of diminishing returns? Can you give an example of when diminishing returns have set in (could set in) at the place you work/would like to work? What is the difference between economic profits and accounting profits? Can you give exam..
North Sea Oil has compiled the following data relative to current costs of its basic sources of external capitals, long-term debt, preferred stock, and common stock equiy. Assuming the project(s) is implemented using equity financing, the capital str..
Assume that a country is growing at 5% per year. Now the saving rate decreases leadingto a new lower growth rate of 3.3% per year. How will the change in standard of living over time be impacted by this change in the saving rate and therefore the gro..
a) What is the probability that the two selected students are not from the same class?
Suppose you plan to purchase a car that costs a total of $28,540 and will finance 85% of this amount. If you are told by the auto-dealer that you can finance the car through them for $469 per month for the next 5 years, what are the monthly and nomin..
1) How/why does economic freedom trump political freedom? How can economic freedom lead to political freedom?
Pick an existing or proposed environmental policy. Use market failure theory to explain or justify the policy. Then use public choice theory to provide a possible alternative explanation for the policy.
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