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Demand elasticity and scale an scope economics
1 George has been selling 5,000 T -shirts per month for $8.50. When he increased the price to $9.50, he sold only 4,000 T- shirts. What is the demand elasticity? If his marginal cost is $4.00 per shirts, what is the desired markup and what is his initial actual markup? Was raising the price profitable?
2 The variety of Riverside Ranger logo T -shirts includes 12 different designs. Setup between designs takes one hour (and $18,000), and after setting up, you can produce 1,000 units of a particular design per hour (at a cost $8,000). Does this production exhibit scale economies or scope economies.
3 Why might intangible resources like human capital and intellectual assets be a more likely source of sustainable competitive advantage than tangible resources?
The total sum of squares is 400 and the sum of squares errors is 100, what is the coefficient of determination?
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Suppose there are only two firms. It is better to be a quantity leader in a Stackelberg model than a member of a cartel in a one shot market. Use a graph if you want.
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