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Suppose Microsoft chooses to produce 80 million copies of the software per year and sells copies of the software to retailers at $199 per copy. Now consider the problem of a retailer like Circuit City or Best Buy. Such retailers can sell as many copies of Vista they like at the prevailing market price of $200. If Circuit City sold 2 million copies of Vista, it would earn _________ in revenue. If it sold 4 million copies of Vista, it would earn _______ in revenue.
How important were price considerations in making your college decision? Would a change of a few thousand dollars have mattered and would you expect the price elasticity of demand to be higher for financial-aid students or for non-aid students?
As long as there are barriers to entry, a monopoly can always find some price-output combination that generates positive economic profits. As long as the demand curve slopes down, a monopoly can always find some price-output combination that genera..
Does Will's frequent buyer program have the same effect on the consumption of its bagels that would occur if it simply lowered the price of one dozen bagels by 3%? Explain.
Assume there are 400 families in a community. Each of these families spends exactly $100 plus one-half of its total income each week on consumption. Half of the 400 families are considered poor-they each receive incomes of $200/week. The other hal..
Five Companies sell pez candy and differentiate in terms of customer service and flavors
Discuss the pros and cons, for returning to the gold standard. Provide the positive and negative effects of reversing the current policy.
Which were the main causes of the Great Depression and why did the Great Depression last so long?
If the CPI equaled 1.30 in 1990, 1.69 in 2000, and the nominal income of agricultural workers was $35,000 in 2000, what was the average nominal income of agricultural workers in 1990?
Assume that a profit-maximizing monopolist currently produces and sells 100 units of good X at a price of $10 per unit. If average total cost and marginal cost are constant at $5 per unit, which of the following government policies will most likel..
What are Economies of Scale? Why is it Significant to understand this concept? How can one's knowledge of Economies of Scale contribute to decision making processes in organizations?
market power may produce a level of output greater than its profit maximizing level of output to gain market share and block entry of new firms. What challenges does the firm face to sustain this practice?
George has been selling 5,000 T-Shirts per month for $8.50. When he increased the price to $9.00 he sold only 4,000 T-Shirts. What is the demand elasticity? If his marginal cost is $4 per shirt, what is his desired markup and what is his initial a..
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