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In which scenario is this station likely to experience greater elasticity of demand for its gasoline --- if the nearest competing station is 5 miles away, or if there are 4 competitors within a mile of him?
Business Economics, Economics
A random sample of 64 customers is selected to analyze their waiting time at a restaurant. The sample statistics are computed as follows: the sample mean xbar=3.21 minutes and the sample standard deviation s = 0.8 minute ...
The increase in prescription drugs cost, increases the drug companies profit. Should there be restrictions to lower consumer cost and how much of their profit should be reinvested into research and development?
Carefully explain how the price elasticity of demand affect the revenue or profit of an organization?
A drug store is looking into the possibility of installing a 24/7 automated prescription refill system to increase its projected revenues by $20,000 per year over the next five years. Annual expenses to maintain the syst ...
Suppose the production function for a firm is given by: q=4L 0.5 K 0.25 . In the short run, the firm has 16 units of capital. Find the Marginal Product of Labor (MP L ). Fill in the appropriate numbers in the function ...
Why the use of Nash equilibrium is a solution concept in games? Please give me an detailed explain.
Suppose you are going to receive $14,100 per year for six years. The appropriate interest rate is 6.9 percent. a. What is the present value of the payments if they are in the form of an ordinary annuity? (Do not round i ...
What is Bitcoin and why does it have value? Is Bitcoin money? Explain why it does or does not satisfy the three conditions it must meet to be considered money.
In an inquiry into the nature and causes of the wealth of nations, Adam Smith listed three reasons for productivity to increase with specialization. What are these three reasons?
Event A occurs with probability 0.4. If events A and B are not disjoint, then a P(B) b P(B) ≥ 0.6. c P(B) > 0.6. d P(B) Step 1:You are tossing a balanced die that has probability of coming up 1 on each toss. Tosses are i ...
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Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate
Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p
Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As
Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int
Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As