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Katherine advertises to sell cookies for $4 a dozen. She sells 50 dozen, and decides that she can charge more. She raises the price to $6 a dozen and sells 40 dozen. What is the elasticity of demand? Assuming that the elasticity of demand is constant, how many would she sell if the price were $10 a box?
You are the manager of a hamburger joint with a marginal cost of $6.00 per hamburger. The hamburger joint is a local monopoly near campus. During the day, only students eat at
In the short run, labor is the only variable factor used by a firm in the production of a certain product. The manager of the firm has estimated that the marginal product of l
Illustrate what do economists call the percentage change in real GDP from year to the next. Under a business agreement 70/30 why should the 70% shareholder decision carry all
In many countries bribery is actually an accepted, understood, and expected way of doing business. To this end, you own a company and you’re in, of course, a competitive marke
What is the optimality condition for the maximization of the utility function U (x,y) = xy^3 and the prices (Px,Py) = (2,.0.5)? Using the utility function and optimality condi
Use the total cost (TC) schedule that is presented in the table below to determine the optimal rate of production when the firm can sell all of the output it produces at a pri
If the seller cannot discriminate, but must charge the same price p1 = p2 = p to each group, what will be her profit-maximizing price? Which, if any, consumer group benefits
Suppose a consumer's utility function is given by U(X,Y) = X*Y. How much X and Y should the consumer purchase in order to maximize her utility? How much total utility does the
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