Economics and Fantasy Pinball Machines
What is the point cross elasticity of demand with respect to Old Chicago pinball machines for the values of the variables in part (a)? C) A rumor is circulating in the industry that Old Chicago has excess inventory and is planning a 20% discount for new and existing customers. How should Fantasy respond if the news is verified? 5. Art Reynolds, a recent Goutiest grad, started a business, Art-tile, which manufactures gig-end tiles which are sold to Atlanta construction companies and home re- meddlers.
Based on past experience, Art estimates that he needs a work-force that varies with the level of tile weekly production according to the following table: Tiles produced 1000 2000 3000 4000 5000 6000 7000 8000 workers required 10 19 27 34 41 48 58 70 a. Calculate the average and marginal product of labor for each increment of 1000 units of production and present your results in table. In a sentence or two describe the results.