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1. Define marginal revenue. Explain why marginal revenue is less than price when demand curves slope downward.
2. In 1991, Rochester, New York, had a serious ice storm. Electric power was out in houses for days. The demand for power generators increased dramatically. Yet the local merchants did not increase their prices, even though they could have sold the units for substantially higher prices. Why do you think the merchants adopted this policy?
Make pertinent recommendations to senior management based on the empirical demand function and write a short report summarizing the results of the analysis and any recommendations.
Explain why is advertising prevalent in many oligopolies, especially when industry demand is inelastic and illustrate your answer by supposing that with advertising, a company demand curve has price elasticity of -1.5 and without advertising,
If a manager that takes over a furniture factory and realizes immediately that it was throwing away at least $100,000 a year worth of wood scrap
For each of the determinants of demand in Equation 2.1, identify an example illustrating the effect on the demand for hybrid gasoline-electric vehicles such as the Toyota Prius. Then do the same for each of the determinants of supply in Equation 2.2...
Define and explain the terms decision management and decision control. Under what situations might it be optimal to make one individual responsible for both decision management and decision control?
What is the "business judgment rule"? Discuss the economic logic for this legal precedent. What are the major costs and benefits of organizing as a publicly traded corporation?
Suppose that inflation doubles the price of both inputs. What affect will this have on your optimal input mix? Show using isoquants and isocost lines.
1. a complete the following table of costs for a firm. note enter the figures in the mc column between outputs of 0
Setup the Lagrangian and then determine the values of x and y at the minimum level of benefit, given the constraint - What are the maximum benefits
Under what circumstances would a rise in income tax act as:
Ajax Cleaning Products is a medium-sized firm operating in an industry dominated by one large firm- Tile King. Ajax produces a multiheaded tunnel wall scrubber that is similar to a model produced by Tile King. Ajax decides to charge the same price as..
If T-Bills have a 4 percent rate and the expected portfolio return is 12 percent How would I use the capital asset pricing model to calculate
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