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If the price elasticity of demand for bananas is -1.5 and the price elasticity of demand for grapefruit is -2.5, and the marginal cost of producing each of the items is $0.50 each, what is the profit-maximizing price for each?Bananas: $1.50; Grapefruit: $0.83 Bananas: $0.75; Grapefruit: $1.25 Bananas: $0.34; Grapefruit: $0.20 Bananas: $0.75; Grapefruit: $1.25
The impact of a decrease in the price of memory chips on the market for computers and impact of the government imposing a price ceiling on apartment rents
A $2.50 decrease in the price of the $17 salmon entrée increased sales from 40 to 75 meals per week. Which entree should he choose to put on sale?
Calculate what would be the minimum annual vehicle use in km/year that would justify the choice of a diesel engine car over the petrol version? Does this correspond to your answer to 4) above?
Can you please explain the profit maximizing decision the perfectly competitive firm makes in the short run and describe why this firm can make profits in the short run, but profits aren't possible in the long run.
What is the difference between a publicly held company and a privately held company? How can the two types of companies be identified?
Using such areas as producing and information technology or any related industry or areas that have had high job growth rates explain a scenario that would cause a shift in labor supply and demand.
Farmers have a relatively inelastic demand for their crops. Suppose there is a bumper crop year (an unusually large harvest).
Construct a numerical example to show that as marginal product (MP) rises, marginal cost (MC) falls. Explain your answer and use tables and graphs to illustrate.
Subsequent pounds are worth $0.30, how many pounds of potatoes will she purchase? What if she only had $3.00 to spend?
A big city just doubled the yearly fee for hot dog push carts that had exclusive rights to a spot just south of big museum of art to $288,000
M is the monopolist selling goods G. M's cost function is c(y)=4y where y is total production of G. Some of M's potential customers are members and get the member magazine with coupons.
What market structure is used to benchmark allocative efficiency and why do we use it? Illustrate and explain using a diagram
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