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Mark, Cherry and Eric Jones jointly patented a method for manufacturing Adam Smith bobble head dolls. The plan is for a very limited production run. They investigate the potential market for this unique novelty and find their sales and total cost schedules to be as follows: (The costs include a licensing fee to the estate of Adam Smith)
Sales Unit Price Total Cost? 0 200 140? 1 180 170? 2 160 200? 3 140 220? 4 120 250? 5 100 300? 6 80 380
A) Compute their TR, MR, ATC, MC and profit/loss schedules
B) Find out the equilibrium price, equilibrium output, unit profit, and total profit at the equilibrium point for these ingenious entrepreneurs.
What was the level of inflation during the time period relative to the history of inflation in the United States? What were the driving factors behind this trend?
The government dislikes smoking, and likes tax revenue. If they wanted to increase the after-tax price to $10 per pack, what size of excise tax must be placed on sellers? How much revenue will it raise? What will be the Deadweight Loss?
Business proposal for your chosen good or service. Include assumptions about the elasticity of demand and the market structure for the good or service.
Suppose that population standard deviation is 0.56 (instead of 0.45), without doing calculations explain whether a 95% condence interval for the population mean would be wider than, narrower than, or the same widt
Examine the extent of internal rivalry, entry, substitutes, buyer power, and supplier power within your industry, indicating whether each of these forces represents a high, medium, or low threat to profits.
Results for Linear Demand Curve Estimation. Kenny Mcormick manages a 100-unit apartment building and knows from experience that all units willbe occupied if rent is $900 per month.
Assume that the market demand for broccoli is given through Q=1000-5P and the market supply of broccoli is given through Q=4P-80 where Q is quantity per year measured in hundreds of bushels
Do you believe managers are justified in monitoring employees Should managers always alert workers about monitoring At what point (if any) does management monitoring become unethical Would your perspective be different if you were the owner of the..
Use arc-approximation formula to compute the price-elasticity of demand coefficient of the firm's product demand between the (quantity, price) points of (100, $20) and (300, $10).
Determine whether each of the following increases, decreases, or remains unchanged in the short run: the market interest rate, the quality of money demanded, investment spending, aggregate demand, potential output, the price level, and equilibrium..
Explain the process or mechanism underlying how a market-based economic system allocates scares resources. Identify how this process might differ from a centrally planned or command economy.
Among the problems that hinder growth in developing economies are poor infrastructure, lack of financial institutions and a sound money supply, a low saving rate, poor capital base, and lack of foreign exchange. Explain how these problems are inte..
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