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At Tony's Restaurant, the quantity sold of large pizzas is 200 at the unit price $15. Suppose the price elasticity of demand for pizzas by the initial value method is 1.5, and you would like to incr
Mr. Wilson has asked you to prepare a report for the client asvising it on how to increase their profitability by moving the company to the United States. On average your client recieves 1%in annual
What would be the short run and long run effect on price, quantity and profits of firm within the industry of an increase in demand in an imperfectly competitive industry such as dealing in antiques
How can changes in macro environment affect industries through the microeconomics factors of demand, production, cost and profitability
A Keynesian model of the closed economy is described by the following equations
If the AS curve shifts to the right, what happens to the equilibrium rate of output and to the equilibrium price level?
Assume given values of real GDP; Population; the nominal interest rate; and real transaction costs. If these variables are given, would you way that the following statements about the real demand fo
Why do some economists advocate taxing consumption rather than income? What is the marginal tax rate on a lump-sum tax? How is this related to the effiency of the tax?
If society decides to use its resources fully and effciently (that is to produce on the PPF), then future generations will be worse off because they will not be able to use these resources." If this
A firm has the following production function, and it can hire as many workers as it wants at a wage of $100 per worker. Use this information to determine the marginal cost of output if the firm empl
Their respective income statements showing revenues, expenses and profit are below. Compute GDP using three approaches: Expenditure, Income and Value Added.
What is the products price after the imposition of the tariff? What is the domestic value added before and after the imposition of the tariff? What is the effective rate of protection?
The local community has instituted a price ceiling of $480. Does consumer surplus increase due to this price ceiling? Does social welfare increase as a result of the price ceiling?
TV revenues they generate and that players are free to choose their teams at the end of any season. Do stars earn more than nonstars? How are the wages of each group determined?
What is the formula for his family of indifference curves? What do these curves look like? In this example, are movies and books perfect substitutes, perfect complements, or neither?
What is the best form of business organization to select based on various considerations, including taxes, liability, capital contributions, sharing of profits adn losses, management and control, a
You are an efficiency expert hired by a manufacturing firm that uses K and L as inputs. The firm produces and sells a given output. If w = $40, r = $100, MPL = 4, and MPK = 40 the firm.
How many car-rental days (the number of cars rented times the number of days each is rented) must Jim's have each month to breakeven?
Why do we consider a business-cycle expansion different from long-run economic growth? Why do we care about the size of the long run growth rate of real GDP versus the size of the growth rate of the
The graph shows the demand curve for the monopolist's output. Then use the orange line (square symbols) to plot the marginal cost curve.
What is the equilibrium wage? What is the loss in national income if the manufacturing wage is set at $100, but there is full employment?
draw a graph showing this externality contrasting the responses of tom and jacob. who studies more? who acts more efficiently? why?
What is the effect of the price increase on revenue at the YSU campus store? Calculate the price elasticity of demand for Bottom Feeder Tacos using the mid-point formula.
Which former Soviet republic currently a member of the Commonwealth of Independent States (CIS) has been the most economically successful in making this transition?
Discuss why a government may want to impose price control. But in this case, does the Mugabe government achieve its intended purpose? Explain.