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Sal’s satellite company broadcasts TV to subscribers in Los Angeles and New York. The demand functions for each of these two groups are PNY = 150 – 3*QNY or QNY = 50 – 1/3 * PNY PLA = 120 - 3/2 * QLA or QLA = 80 – 2/3 * PLA where Q is in thousands of subscriptions per year and P is the subscription price per year. The cost of providing Q units of service is given by C = 1000 + 30*Q and MC = 30 where Q = QNY + QLA. Note that MRNY = 150 – 6*QNY MRLA = 120 – 3*QLA
Draw the graphs of both the NY and LA markets and determine the optimum prices and quantities.
You run a chain of movie theaters, so you commission a marketing study that categorizes your potential customers into 10 equal-sized groups according to what they’re willing to pay for a movie ($10, $9, $8, $7, $6, $5, $4, $3, $2, $1).
In the study of the demand for fast food, the variables gasoline consumption per capita and population density were included as:
Illustrate what is happening to the U.S. exchange rate when the U.S. nominal exchange rate is unchanged, but prices rise faster abroad in the United States than abroad.
Continuing with the previous question, where Sammie Wall currently has a monopoly on widgets. The inverse demand function for the only customer interested in widgets is still [P=40-6Q] and the cost to produced widgets remains the same at: [C=10+2Q^2]..
q1. peter and sally enter a bus and two adjacent cramped seats are free. they must decide whether to sit or stand.
Define three types of elasticity of demand. Indicate how you would use information from recent research paid by your company that the own price elasticity of your product is -1.2 and not -0.8 as previously thought.
Depreciation in the value of the Japanese currency in relation to the US dollar does not allow the Japanese firms to sell more in the USA marketplace.
The inverse demand in a Cournot duopoly is P = a − b(Q1 + Q2), and costs are C1(Q1) = c1Q1 and C2(Q2) = c2Q2. The government has imposed a per-unit tax of $t on each unit sold by each firm. The equilibrium output of each firm is the same as a situati..
A person with diminishing marginal utility will demand insurance (i.e., will be willing to pay more to get insurance than (the negative of) the expected value of the loss lottery). Try to replicate our example of full insurance with an individual who..
The value of cross price elasticity of demand between goods A and B is 0.75, while the cross price elasticity of demand between goods A and C is -1.38. Characterize A & B and A & C as substitutes or complements. Explain why this is the case.
To determine the consumer price index (CPI)_____ Which of the following is true about the consumer price index (CPI) and the GDP price index? Real gross domestic product (GDP) shows
Review three or four key principles that are important in understanding a Biblical view of business ethics. Give examples of how you have (or might in the future) apply these principles.
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