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You compete with many firms offering similar products (monopolistic competition). An economic consulting firm has estimated the own-price elasticity for your most profitable product is -1.50. Your marginal cost is constant at $75 across most of your production volume capability. What price will maximize profits? show computation.
How does the fact that many goods are nontrade affect the extent of possible gains from trade? Extend your discussion from question 7 to explain this observation.
Explain the Law of Demand in your own words - Give an example of a good that is a normal good for you. Give an example of a good that is an inferior good for you.
The manager of a global opportunities for a U .S. manufacturer, who is considering expanding sales into Europe. Your market research has identified three potential market opportunities:
As part of the preparations for the arrival of a hurricane, NC residents sought to buy electricity generators. As a result, you expect that in NC
When a central bank increases bank reserves by $1, the money supply rises by more than $1. The amount of extra money created when the central bank increases bank reserves by $1 is called the money multiplier.Find the increase in money supply associat..
Suppose that two people, Michelle and James each live alone in an isolated region. They each have the same resources available, and they grow potatoes and raise chickens. If Michelle devotes all her resources to growing potatoes
Select a small business with which you are familiar. Imagine that you have been called into that business to provide a consultation on training. Create a comprehensive training proposal for the business.
A firm has a fixed production cost of $5000. For the first 100 units of production, the firm has a constant marginal cost of production of $400 per unit produced. Producing more than 100 units ha s constant marginal cost of production of $600. The..
Integrating problem Samantha Roberts has a job as a pharmacist earning $30, 000 per year, and she is deciding whether to take another job as the manager of another pharmacy for $40,000 per year or to purchase a pharmacy that generate revenue of $200,..
mikes utility for consumption and leisure is ucl c times l so that his marginal rate of substitution between leisure
Suppose consumers' income is $50,000 and the price of satellite TV service is $90. At what price would the demand for cable TV services be 55,000 households?
Electric utilities often practice second-degree price discrimination. Why might this improve consumer welfare? Second-degree price discrimination might improve consumer welfare because, compared with single-monopoly pricing,
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