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Amalgamated Popcorn, Inc. is a fairly small firm selling bags of flavored gourmet popcorn in a popular mall. As shop owner and operator, you have observed that your daily sales tend to follow a pattern that can be stated as: Qp = 500 - 100Pp + 1.25A - 20Ps + 2I where Qp= unit sales of popcorn bags, Pp = price of bags in dollars, A = advertising expenses, Ps = price of soda pop sold at your stand in dollars, I = per capita income of customers in thousands of dollars. You are currently charging $1 per bag of popcorn, spending $200 in advertising, charging $1 for a soda pop, and per capita income is $12,000. a. Compute the elasticity coefficients for price, advertising, income, and cross-price. b. You are currently paying $.45 for popcorn (including cost for the corn, cost to pop, and bag). Is this the profit-maximizing price?
What is the welfare loss in the labor market compared to the case where the engineer labor market is competitive?
The government wants to decrease the consumption of electricity by 10 percent. The price elasticity of demand for electricity is -0.4.
A company used a combination of inputs that was to left of its isocost line, it would indicate that
Use a graphical illustration to describe briefly what the influence an increase in immigration on the market supply of labor
Calculate point elasticities at prices of 5 and 9. Is the demand curve elastic or inelastic at these points?
Assume a certain firm in a competitive market is producing Q = 1,000 units of output. At Q = 1,000, the firm's marginal cost equals $15 and its average total cost equals $11. The firm sells its output for $12 per unit.
Do protectionist policies benefit producers, consumers, workers, or the government? Explain.b) Explain how the "Buy American" theme hurts Americans. a) Identify the four major tools of monetary policy.
Describe and discuss the model of perfect competition and adopting strategies to gain market power in the competitive industries.
What is the total fixed cost for the El Dorado Star? If the total fixed cost increases to $5,000, how many papers should be sold daily for profit maximization?
what happens to the AFC per paper, the MC per paper, and the minimum amount that you must charge to break even on these costs?
Assume The Big Enchilada Restaraunt has been offered a 1 year binding lease agreement for $5200/mth on an attractive site. Before the lease is signed, what is the incremental cost per month?
Which of the following would lead to a DECREASE in the demand for tennis balls and marv has a Bachelor of Science degree in mechanical engineering and could be earning $30,000 annually as mechanical engineer.
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