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As a manager of MyShoo Inc., you have estimated that the daily demand for shoes that your firm faces is Q=325-3P-0.01 I, where P is the price of a pair of MyShoo shoes and I is the average consumer income of the firm's customers. Currently, P=25 and I=20,000.Based on this information, if you decide to decrease the price of a pair of MyShoo shoes by, say, 1%, what will be your total revenue from sales?
1. The three fundamental economic questions of what, how, and for whom: a-exist because of scarcity. b-are much more serious in a socialist system. c-are not serious in a capitalistic system. d-are not relevant in the industrialized world of today.
In a large city it was found that summer electricity bills for single-family home followed a normal distribution with standard deviation $100. A random sample of 25 bills was taken. a. Find the probability that the sample standard deviation is less..
Setup a two-variable regression model (i.e. write down the PRF) to examine the impact of per capita disposable income on real per capita gasoline expenditures.
In a two-player, one-shot simultaneous-move game each player can choose strategy A or strategy B. If both players choose strategy A, each earns a payoff of $500. If both players choose strategy B, each earns a payoff of $100.
Answer the following questions using the above data. Compute autonomous aggregate demand and compute the short-run output.
A. Ireland is a very small open economy. Trace the likely economic consequences if the government used an expansionary fiscal policy to stimulate the economy. B. GNP at Current Market Prices for 2007 was 60% higher than the figure for 2000. State a..
Income Savings I(planned) Consumption 200 -20 60 400 0 60 600 20 60 800 40 60 1000 60 60 1. Fill in the last column. 2. The equilibrium level of income in this example is 3. According to this data, the marginal propensity to consume is .
An industry consists of two firms, each of which have variable costs of $10 per unit but no fixed costs. The industry demand curve is P = 70 - Q. Solve for the Cournot equilibrium. In doing so, derive the reaction function of each firm (call Q1 an..
A loan of P0 which accrues an interest i per period is to be paid of with a uniform gradient annuity with initial payment A and gradient G over n periods. Thus, the change in the amount of principal is governed by Pn =Pn-1(1+i)-A0 -(n-1) G (1)
Many MBAs who ventured into the "dot.com" world of the late 1990s found themselves unemployed by 2001 as many firms in that industry ceased to exist. However, during their tenure with these companies, these managers gained valuable skills in how t..
Assume that the economy can experience high growth, normal growth, or recession. You expect the following stock market returns for the coming year under these conditions. State Probability Return High Growth 0.2 +30%
The Oceanic Pacific fleet has just decided to use a pole-and-line method of fishing instead of gill netting to catch tuna. The latter method involves the use of miles of net strung out across the ocean and therefore entraps other sea creatures be..
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