Questions from Managerial Economics

Q: Discuss the income elastic cities of the following consumer products:

Discuss the income elastic cities of the following consumer products: a. Margarine b. Fine jewelry c. Living room furniture d. Whole lobsters

Q: The U.S. Postal Service has been raising postal rates

The U.S. Postal Service has been raising postal rates on a regular basis. The service had been losing money. One of the reasons is increased competition from companies such as United Parcel Service an...

Q: Explain the difference between point elasticity and arc elasticity. What problem

Explain the difference between point elasticity and arc elasticity. What problem can arise in the calculation of the latter, and how is it usually dealt with? In actual business situations, would you...

Q: Use the following equation to derive a demand schedule and a demand

Use the following equation to derive a demand schedule and a demand curve. What types of products might exhibit this type of nonlinear demand curve? Explain. Q = 100P -0.3

Q: It has often been said that craft unions (electricians, carpenters

It has often been said that craft unions (electricians, carpenters, etc.) possess considerably greater power to raise wages than do industrial unions (automobile workers, steel workers, etc.). How wou...

Q: Discuss the relative price elasticity of the following products: a

Discuss the relative price elasticity of the following products: a. Mayonnaise b. A specific brand of mayonnaise c. Chevrolet automobiles d. Jaguar automobiles e. Washing machines f. Air travel (vacat...

Q: What would you expect to happen to spending on food at home

What would you expect to happen to spending on food at home and spending on food in restaurants during a decline in economic activity? How would income elasticity of demand help explain these changes?...

Q: Would you expect the cross-elasticity coefficients between each of the

Would you expect the cross-elasticity coefficients between each of the following pairs of products to be positive or negative? Why? a. Personal computers and software b. Electricity and natural gas c....

Q: Explain the difference between time series data and cross-sectional data

Explain the difference between time series data and cross-sectional data. Provide examples of each type of data.

Q: Would there be any differences in the set of variables used in

Would there be any differences in the set of variables used in a regression model of the demand for consumer durable goods (e.g., automobiles, appliances, furniture) and a regression model of the dema...