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The goal of ABC Company is to increase total revenue. The elasticity of demand for ABC's main product is 1.4. The marketing manager is thinking of increasing price by 5% to increase total revenue. How much will quantity demanded change? According to the Law of Demand will quantity demanded go up or down? How do you find total revenue? Will total revenue increase of decrease?
The US Dairy Industry wants to estimate the mean yearly milk consumption. A sample of 35 people reveals the mean consumption to be 60 gallons with a population standard deviation of 20 gallons. Develop a 90%, and 95% confidence interval for the popul..
Illustrate what way are entrepreneurs also businesses at the helm of the economy but commanded by consumers.
Suppose the own price elasticity of market demand for retail gasoline is -0.9, the Rothschild index is 0.3, and a typical gasoline retailer enjoys sales of $2,350,000 annually. What is the price elasticity of demand for a representative gasoline reta..
Daniel consumes food and newspapers. Given that these are the only two goods he consumes, it is possible for both food and newspapers to be inferior goods for Daniel. Sister Prudence, a nun in the Dominican order (a Catholic religious order), has tak..
Assume that Crusoe's and Friday's utility functions are described in Problem 1. Assume now, though, that initially Crusoe has six oranges and Friday two. Assume that for every two oranges taken away from Crusoe, Friday gets only one, an orange being ..
A firm that makes car parts wants to adopt pay schemes that will best motivate its various workers to be productive and they hire you as a consultant.
A perfectly competitive firm operates in the short-run with labor as its only variable factor. Its production function is: Q = -L3 + 10L2 + 88L where Q is output per week measured in tons and L is the number of workers employed. The weekly wage is $3..
Many movie theaters and restaurants offer discounted prices to senior citizens. According to Economic principles, the best explanation for this is that senior citizens tend to be
A multi concept restaurant incorporates two or more restaurants, typically chains, under one roof. What do these numbers imply for decision of when to open a shared facility versus two separate facilities.
Recent changes in corporate governance driven by Sarbanes-Oxley legislation and new regulations promulgated by t the SEC. What is the intended impact on corporate behavior and ethics and what are the prospects for success?
Mary has bought a used car for $8,000. She plans to keep it for four years while she is in college, at the end of which it is likely to fetch $1000, If the maintenance cost is $500 per year, and i = 10% per year, what is the car's net annual cost? (I..
Suppose you have a fixed-rate mortgage with a nominal interest rate of 6% and the expected annual inflation rate over the life of the mortgage is 2%. What is the approximate expected real interest rate?
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