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1. The own price elasticity of demand for apples is −1.5. If the price of apples increases by 10 percent, what will happen to the quantity of apples demanded? a)It will increase 15 percent. b)It will fall 15 percent. c)It will increase 10 percent. d)It will fall 10 percent.
2. You are the manager of a supermarket, and you know that the income elasticity of peanut butter is exactly −0.5. Due to the economic recession, you expect incomes to increase by 10 percent next year. How should you adjust your purchase of peanut butter?
a) Buy 5 percent more peanut butter.
b) Buy 5 percent less peanut butter.
c) Buy 10 percent more peanut butter.
d) Buy 10 percent less peanut butter.
A road building contractor has received a major highway construction contract that will require 50,000 m^3 of crushed stone each year for 5 years. The stone can be obtained from a quarry for $7.80/m^3. As an alternative, the contractor has decided to..
Find at least one scholarly article that criticizes the goal of shareholder wealth maximization. Briefly summarize the criticism(s) offered and discuss whether you believe the criticism is valid. In particular, does the article make you question t..
Elucidate the implication of the efficiency wage theory for unemployment. In what way are piece rates, commissions, royalties, profit sharing, and stock options substitutes for efficiency wages.
Explicate how firms decide on where to produce depending on the marginal product and average product.
Choose one emerging trend in customer service and discuss how it is impacting the relationships between companies and customers.
Assume that the price of smart phones increased from $420 to $444 per unit. The manufacturer decides to supply 15,000 units instead of 12,000. Calculate the price elasticity of supply. Is supply elastic or inelastic? Compare and contrast a public goo..
A college town in the West consists of three types of individuals: undergraduate students, graduate students, and professors. There are 100 of each type in the town of 300 residents. How many exercise machines should the university buy? Suppose inste..
Assume that each firm is free to set its production level, but each firm can communicate (via the business press) what they plan to do first. Using an economic model, show that it might be difficult to sustain a cooperative (high-profit) outcome. Wha..
To raise money for a new business a man asks you to loan him some money. He offers to pay you $3000 at the end of four years. How much should you give him now if you want 12% interest per year on your money?
Suppose the MWTP in periods 1 (now) and 2 (one year from now) is given by P = 8-0.4q. Marginal extraction cost = $2. r = 20%. The available supply is 20 units. Calculate the allocation of outputs across the two periods that maximizes the present valu..
The owner of a luxury motor yacht that sails among the 4000 Greek islands charges $344/person/day if exactly 20 people sign up for the cruise. However, if more than 20 people sign up (up to the maximum capacity of 100) for the cruise, then each fare ..
Identify at least two professional organizations in a chosen field. Research the organizations to identify the following:
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