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1) The Hanover Manufacturing Company believes that the demand curve for its product is P = 5 - Q
Where P is the price of its product (in dollars) and Q is the number of millions of units of its product sold per day. It is currently charging a price of $1 per unit for its product.
a) Evaluate the wisdom of the firm's pricing policy.
b) A marketing specialist says that the price elasticity of demand for the firm's product is 1.0. Is this correct?
2) The marketing manager of the Aztec Enterprises must formulate a recommendation concerning the price to be charged for a new product. According to the best available estimates, the marginal cost of the new product will be $18, and the price elasticity of demand for this product will be 3.0.
a) What recommendation should she make, if Aztec wants to maximize profit?
How many "spells" of unemployment occur each year in this economy? What percentage of the "spells" are only one month long?
An increase in input prices for rice production; and an improvement in rice production technology. Use diagrams to analyze the effects of these changes on equilibrium price and quantity.
Solve for the price and quantity that the monopolist would choose to maximize its profit under the more advanced technology. And also calculate the resulting profit.
During the late 1990s, several mergers among brokerage houses resulted in the acquiring firm paying a premium on the order of $100 for each of the acquired firm's customers.
Question based on Derive and compare demand curve, Derive Ambrose's demand function for peanuts. How does it compare with Johnny's demand curve for peanuts?
Compute the income elasticity of demand for product below, by using average values for quantities and incomes.
Using the theory of oligopoly and the concept of prisoners dilemma, explain why the cigarette companies did not cut on advertising on their own to increase their profits before the law went into effect?
Assuming that there are only two goods, and the other good (food) is capital intensive, show the equilibrium points of production and consumption in ALFA, before and after trade.
Discuss the limitations of this model as an explanation of the effects of government expenditure on GDP.
A Monopolist is deciding how to allocate output between two markets. The two markets are separated geographically. Demand and marginal revenue for the two markets are given by:
This product, called Red Hat Linux, is a potential replacement for UNIX and other well-known operating systems. If you were in charge of pricing at Red Hat, what strategy would you pursue? Explain.
Consider the Figure below that represents a perfectly competitive firm
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