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Compute expected annual sales. Compute the standard deviation of annual sales. Compute the coefficient of variation of annual sales.
What is the expected price? What is the standard deviation of the launch price? What is the probability of receiving a price less than $1.2 million?
Would you say that these two firms are very close competitors? What other factors could have influenced the observed relationship?
If the price of personal computers declines by 20 percent, what will be the expected percentage increase in the quantity of computers sold?
The Olde Yogurt Factory has reduced the price of its popular Sundae. Compute the arc price elasticity of demand over this price and consumption quantity range.
Compute the price elasticity of demand for subway rides. If the transit authority reduces fare back to 50 cents, what impact would you expect on ridership?
The demand function for bicycles in Holland has been estimated. Determine the Price elasticity of demand and Income elasticity of demand.
In an attempt to increase revenues and profits, a firm is considering a 4 percent increase in price. Would you expect an increase or decrease in total revenues?
Give two reasons why there may be a short-run tradeoff between unexpected inflation and the unemployment rate.
What is the maximum loan that First Bank can make, and what is the maximum increase in the money supply based on First Bank's reserve position?
Explain why senior citizens often obtain special price discounts. What policy would the movie theater implement to increase total revenue?
Compare a ban on trans fats to a ban on cocaine. What do the markets look like? How are they different? Which ban would be easier to enforce? Explain.
What government policies might be used to reduce poverty most effectively? Explain what is meant by the term discrimination.
What would the curve look like if income were equally distributed? Why does the health of the economy affect the number of people living in poverty?
Explain what it mean when the supply of television set rises? Explain how price of television sets could rise, and yet the supply of television sets not change.
The price of an evaluation of a food product could run as much as $20,000. What impact do you think this law will have on the market for meat?
During China's Cultural Revolution in the late 1960s and early 1970s, many people with a high school or college. What does this policy say about specialization?
In presidential campaigns, candidates always seem to make more promises than they can fulfill. What economic concept is ignored by the candidates?
Are the people who choose to smoke irrational? What do you think of the argument that we should ban smoking in order to protect these people from themselves?
Use economics to explain why diamonds are more expensive than water when water is necessary for survival and diamonds are not?
In December, the price of Christmas trees rises, and the quantity of trees sold rises. Is this a violation of the law of demand?
A severe drought in California has resulted in a nearly 30 percent reduction. Explain what effect this event might have on the Florida citrus market.
Draw a downward-sloping demand curve and an upward-sloping supply curve for orange juice. Show what happens in each of the following cases:
What is the fundamental problem associated with overfishing of the oceans? What might lead to underfishing?
In recent years, U.S. car manufacturers have charged lower car prices in western states. Can you provide another explanation for the two-tier pricing scheme?