When the shaffers had a monthly income of $4,000, they usually ate out 8 times a month. now that the couple makes $4,500 a month, they eat out 10 times a month.
1. compute the couple's income elasticity of demand using the midpoint method. explain your answer.
2. is a restaurant meal a normal or inferior good to the couple? show detailed calculations.
Answers: 2
Business, 22.06.2019 10:40, esta54
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Business, 22.06.2019 12:10, ghari112345
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Answers: 2
Business, 22.06.2019 14:20, kevinglvz
Anew 2-lane road is needed in a part of town that is growing. at some point the road will need 4 lanes to handle the anticipated traffic. if the city's optimistic estimate of growth is used, the expansion will be needed in 4 years and has a probability of happening of 40%. for the most likely and pessimistic estimates, the expansion will be needed in 8 and 15 years respectively. the probability of the pessimistic estimate happening is 20%. the expansion will cost $ 4.2 million and the interest rate is 8%. what is the expected pw the expansion will cost?
Answers: 1
Business, 22.06.2019 20:00, javonteoshamccaliste
Lillypad toys is a manufacturer of educational toys for children. six months ago, the company's research and development division came up with an idea for a unique touchscreen device that can be used to introduce children to a number of foreign languages. three months ago, the company produced a working prototype, and last month the company successfully launched its new device on the commercial market. what should lillypad's managers prepare for next? a. increased competition from imitators b. a prolonged period of uncontested success c. a sharp decline in demand for the product d. a difficult struggle to move from invention to innovation
Answers: 2
When the shaffers had a monthly income of $4,000, they usually ate out 8 times a month. now that the...
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