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Illustrate out the term cross-price elasticity? Discuss why the results of calculating cross-price elasticity can be useful in determining product relationships.
You know from data collected on the widget market that market demand has recently increased and market supply has recently decreased. As manager of the facility, what decisions must you make regardi
Assume demand for Terry's haircuts increase to P=40 - 0.40Q. At a price of $15, should Terry raise the price of her haircuts? Why or why not?
The demand for housing is often described as being highly cyclical and very sensitive to housing prices and interest rates. Given these characteristics explain the effect of each of the following te
Assume the Government imposes a $5 per unit tax on the seller, which equation would be affected and how? What would be the new equilibrium quantity and price?
Consider a price-taking firm in competitive industry for raw chocolate. The market demand and supply functions for raw chocolate are estimated to be
Angelica pickles manager a Quick copy franchise White Plains, New York. Pickles projects reducing copy 5¢ to 4¢ each, Quick Copy's $600-per-week profit contribution will increase by one-th
Examine the basis for the trends in consumption patterns, as stated in any article. Consider the utility derived from the products mentioned in the article.
The Haas Corporation's executive vice president circulates a memo to the firm's top management in which he argues for a reduction in the price of the firms product. He says such a price cut will inc
Assume the Fed decides to buy $1 billion in Treasury bonds from the public. Suppose that the reserve requirement is 10%. What happens to the interest rate and the money supply?
Provide a brief summary of economic costs. In the short-run, why might a firm still operate even when there is a loss. Critically discuss the law of diminishing returns.
Explain a market situation in which the operating company faces economic difficulties and the need to cut costs. What cost cutting strategies might the operating company employ to remain profitable?
Supposing that the two firms decide on prices independently and simultaneously, calculate the best response function of each firm in terms of prices. Calculate the resulting equilibrium price quanti
Explain the difference between movement along the demand curve and a shift in demand. Give an example to help the class understand the difference between the two.
Research the recent history of gasoline pricing in your area, and attempt to relate any fluctuations you observe to documented supply and demand factors
If you were in the construction industry and there was increased demand for houses to be built, that pushed up price of materials to build them, what long-run adjustments would you expect?
Using one of the elasticities discussed in the chapter, provide an example of how you would use this information to set the price for your product in the market place.
Some businesses will determine their pricing structure and modify it in order to maximize revenue, either by raising or lowering the price. For some organizations
In aftermath of September 11 terrorist attacks, the quantity of sold airline tickets in 2002 fell by large percentage when compared to 2001.
In article about the financial problems of USA Today, Newsweek reported that the paper was losing about $20 million a year. A Wall Street analyst said that the paper must raise its price from 50 cen
What will be the effect of the following events on market for French wine and quantity consumed? Distinguish between the short-run and long-run impact.
Using principles of supply and demand, make a plan to alleviate the shortage of Math and Science teachers within this country. Try to use price and non-price determinants as your tools to reach equi
In brief mention and elaborate on the factors that will be affecting the demand for following products in next several years. Do you think these factors will cause the demand to increase or reduce?
Which of following changes to fiscal stimulus package of 2009 for $862 billion (under the bill called American Recovery and Reinvestment Act of 2009) would have larger entire impact on AD? Discuss y
If representative firm with total cost given by TC = 20 + 20q + 5q2 operates in competitive industry where the short-run market demand and supply curves are given by QD = 1,400 - 40P and QS = -400 +