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A firm produces a product with a fully allocated average cost equal to $20. If the price elasticity of demand for the product is -5,what should the product price be set at?
You're in Management for IBX Steel Components. J. D. Brotsky is a top labor leader and just announced that her union will go on strike against management unless you grant the workers a significant pay raise.
Formulate a linear programming model for this problem and prepare the initial tableau if the problem is to be solved using simplex
What output will an individual firm be restricted if this price is to be maintained (assume all firms are permitted to produce the same level of output)?
If the price elasticity of demand for gasoline is 0.3, and the current price is $1.20 per gallon, what rise in the price of gasoline (in cents or dollars) will reduce its consumption by 10%? please explain.
Oye and Maxwell's terminology is this an example of a "Stiglerian" or an "01- sonian" regulatory situation? Carefully explain your reasoning.
Suppose that you have to charge a uniform price. That is you post a price and one canbuy as many units as one wishes at that price. What would be your price?
The production capacity of the first year will be 4000 units and determine whether the company should upgrade or replace. Use a MARR of 20% per year.
The average total cost of operating a clinic is $800 per patient if the volume is one hundred patients, and $790 each patient if the volume is 110 patients. Find the total cost at each of these two volumes?
When negative or positive externalities exist economists say that market has unsuccessful to make the right amount of the good at the right price. What do economists mean through this?
Write out the formulas for the bias, variance and mean squared error of β 1 . How do the bias, variance and mean squared error depend on the values of µ , σ 2 and n ?
The exponent of D in the above equation is +0.75. What does this say about the effect of bus fare on the demand for auto travel? Is the demand for auto with respect to auto travel-time elastic or inelastic? Please explain.
If we believe that the laws of supply and demand always hold, explainc why is it that the 'popular' gifts for the holidays always sell out early?
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