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You are the marketing manager of a firm that produces Titanium and sells this metal to two distinct kinds of customers: aircraft producers and golf club manufacturers. Demand for Titanium by these two market segments is quite different, as described by the respective price equations: PA = 10 - QA./600 and PG = 12 - QG./100, where annual quantities are in thousands of pounds and prices are in dollars. Your firm estimates the marginal cost of titanium production at $4 per pound.
a) For each segment, determine the firm's profit-maximizing price and output. Is the firm practicing price discrimination?
b) Because of Titanium shortages, the firm's total production capacity drops to only 1.5 million pounds per year. Determine the firm's optimal quantities and prices in this case.
Name three goods or services with highly elastic price elasticity of supply. Name three goods or services with highly inelastic price elasticity of supply.
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Provide two examples of actions taken by a company, government, or organization whose effect is to prevent specific markets from reaching equilibrium. What evidence of excess supply or excess demand can you cite in these examples?
Solve the partial derivative
Consider the competitive market served by many domestic and foreign firms. The domestic demand for such firm's product is Qd=500-1.5P. The supply function of domestic firms is Qsd=50+.5P, while that of the foreign firms is Qsf=250.
Levi Strauss successfully markets Levi jeans on the History channel as a way for older men to stay young forever. What will happen in the jeans market ceteris paribus?
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The government decides to tax cookbooks because they feel that they encourage overeating and can lead to health issues, like obesity and heart disease. Answer the following: in 600-800 words
Write an assembly language subroutine
On Valentines Day, the prices of flowers and chocolate are usually high compared to other times. How do the principles of demand and supply describe the reasoning behind such price increases?
Describe each of the subsequent using supply and demand diagrams.
Suppose an airline flying on the Charolette-Chicago route has estimated the demand curves for three different types of customers: business (no advance purchase), leisure (7 day advance purchase), and discount (14 day advance purchase) travellers. ..
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