How can determine the price elasticity of demand
If the price of cheese is marked down during a sale by 20% and in response the quantity demanded increase from the 30 packages to the 45 packages determine the price elasticity of demand? Is demand inelastic or elastic?
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Determine a farmer who can either plant or market or consume his crop. Whatever amount he plants becomes a crop twice the size the following year.
The inflation rate from 2010 to 2011 for a good j is defined to be Ij = (Pj/pj)? 1, where pj was the price in 2010 and Pj was the price in 2011 (assuming for simplicity that the prices stayed fixed throughout each given year.
Determine a country's tradeoff among the production of two 'goods': environmental quality (extent to which their environment, including air and waters, are clean), and all other goods. Why is there a tradeoff? Discuss.
Seventy percent of aircraft in the United States have an emergency locator. 60% of the aircraft that disappear are discovered and have an emergency locator.
If a country wants to fill its military ranks at the smallest opportunity cost to the nation, should it institute an all-volunteer military or use a draft system that relies on a lottery? Explain.
Explain what would happen if the government chooses to increase the number of years that a firm can enjoy patent protection from 20 years to 25 years?
Discuss why did Unilever's decentralized structure make sense in the 1950s and 1970s? Why did this structure start to create problems for the company in the 1980s?
Determine the probability that the teenager plays racing games or strategy games? Determine the probability that the teenager does not play racing games or strategy games?
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