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1 if the demand for a product is inelastic what will happen to total revenue if price is increased explain2 what are
suppose that the price of product a falls from 20 to 15 in response the quantity demanded of a increases from 100 to
for three years in a row income among consumers has increased alexander machine tool has had sales increases in each of
1 the cross elasticity between product a and product b is 10 do you think that product a is likely to face an elastic
1 alexander machine tool faces the demand curve p 70 - 0001q what price and quantity maximize total revenue what is
prior to a price increase the price and quantity demanded for a product were 10 and 100 respectively after the price
1 define marginal revenue explain why marginal revenue is less than price when demand curves slope downward2 in 1991
seven teenagers four boys and three girls were given 200 each to go on a shopping spree an advertising agency which
1 gasoline prices increased substantially in 2004 and 2005 what adjustments did people make to minimize the long-term
the zenvox television company faces a demand function for its products that can be expressed as q 4000 - p 05i where
according to an article in forbes march 2001 teen cigarette smoking declined signifi- cantly between 1975 and 2000 the
in an article appearing in the dow jones news service on february 5 2004 the agency cites saudi arabias concern about
as a result of strikes in canada the world price of nickel rose by 20 percent in decemberover the same period the
assume the demand curve for gasoline is given by the equation p 10 - 00005qwhere p is the price per gallon and q is
the accompanying chart presents data on the price of fuel oil the quantity demanded of fuel oil and the quantity
japan has 4350 miles of expressway-all toll roads in fact the tolls are so high that many drivers avoid using
1 distinguish between returns to scale and returns to a factor2 your company currently uses steel and aluminum in a
1 is the long run the same calendar time for all firms explain2 you want to estimate the cost of materials used to
1 suppose that average cost is minimized at 50 units and equals 1 what is marginal cost at this output level2 what is
1 discuss two problems that arise in estimating cost curves2 suppose that the marginal product of labor is mp 100 - l
textbook authors typically receive a simple percentage of total revenue generated from book sales the publisher bears
semiconductor chips are used to store information in electronic products such as personal computers one of the early
1 the afl-cio has been a steadfast proponent of increasing the minimum wage offer at least two reasons why they might
suppose the jones manufacturing company produces a single product at its current input mix the marginal product of
suppose the production function of powerguns co is given by q 25lkwhere q is the quantity of guns produced in the