Refer to Scenario 5 . What will be the effect on total revenue for Audio Haven if it raises the price for DVD players?
What will be an ideal response?
Because the price elasticity of demand for DVD players is relatively elastic, a price increase will decrease total revenue, ceteris paribus.
Economics
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The market demand for MP3 player is p = 50 - 0.5Q, and the marginal cost for Nick to obtain and sell a MP3 player is $10
If he receives $12 for each MP3 player he sells from the store owner and the store owner controls the quantity of MP3's available for sale, then A) 40 MP3 players will be sold. B) joint profit is $798. C) joint profit will be maximized. D) Nick will sell as many as he can.
Economics
The Taft-Hartley act allows the president to call for an 80-day "cooling-off" period if a strike imperils the ___________.
Fill in the blank(s) with the appropriate word(s).
Economics