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An end-of-sale price promotion changes the price elasticity of a good from -2 to -3. If the normal price is $10, discuss what should the promotional price be?
A public opinion survey wished to calculate if support for new tree clearing laws differed between metropolitan (M) and regional (R) areas.
George has been selling 5,000 T-shirts per month for $8.50. When he increased the price to $9.50 he sold only 4,000 T-shirts. Determine the demand elasticity?
2 processes are put in place for the production. Neither will be removed. Process R is designed to form the 10,000 units per year and has a fixed cost of $90,000 per year.
Explain what the airlines which operate in an oligopoly would have to do to justify a higher ticket price. Use price leadership, barriers to entry and exit, strategic interdependence, and the charac
Find out and then explain at least two (2) risks involved when firms attempt to maximize profits. Offer at least two (2) recommendations for mitigating the risks you identified.
Explain some clues that a consumer could identify to know whether a producer has a surplus. Analyze the first theorem of welfare economics and its importance.
Discuss the ethical implications of this perspective. Many businesses are solely focused on maximizing profits. Pick a position to the following question: Is it better to maximize sales, vo
Current projections estimate the Social Security program will have a zero balance in its trust fund sometime around 2040 according to the Congressional Budget Office.
Assume a producers production function is f(x1x2)=5x1x2 the price of x1 is 20 and the price of x2 is 80 the firm wants to produce 80 units, estimate the least costly way for the firm to form the 80
Demonstrate that this level of pollution reduction could be accomplished through taxation. Explain what tax per unit would generate the optimal amount of pollution reduction?
Explain what does the sharing economy mean to you? Determine the benefits of living in a sharing economy? Calculate a potential downside? Have you had any personal experience with the shari
Determine the following utility function, which specifies Hurry's preferences over two goods, belts (B) and wallets (W).Determine some ?xed level of utility, U0. Write down an expression for B as a fu
Explain how you assess the rate at which current communication changes and implementations are taking place in our modern world?
Find out the single most important economic principle learned and discuss why it was more significant than any other principle or concept. Examine two of the greatest economic challenges that the U.
Explain why an understanding of the role played by economics in social issues is important for people who are not economists to understand. Give the specific examples to support your response.
Sketch indifference curve for the case where she is a saver. In a dashed line on the same figure, draw the indifference curve for the case where there is no access to borrowing or savings. In which
Johnny Appleseed has an orchard with the 1000 trees. Each tree can either form α pound of apples or the σ pounds of apple sauce. Find the equation of the PPF between A and S by using th
For a linear regression prove that the calculated regression coefficients with an intercept term are identical to those obtained for the same linear regression equation without an intercept term, b
Assume you are considering two normal populations with unknown means and respectively. Variances are known to be and respectively. Demonstrate how you would test the following hypothesis against the
What price would Potomac have to charge to sell the same number of units it did before the Spring City price cut if the Potomac knows that the arc price elasticity of demand for its ovens is -3.0?
The ECON3305 Company was considering a price increase and wished to estimate the price elasticity of demand. A market researcher and an economist, you and Sandy, were hired to study demand.
Two points on a standard indifference curve are 6 cookies and 4 brownies and 8 cookies and 2 brownies. Which of the following combinations of cookies and brownies could lie on this indifference cur
Illustrate the budget constraint for hamburgers and hotdogs when your income is $20, the price of hotdogs is $1 each and the price of hamburgers is $2 each.
Describe the main value of a preferred stock that pays a perpetual dividend of the $160 at the end of each year when the interest rate is 5 percent?