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Suppose that you are told by market researchers that the quantity demanded Qd of a good is related to its price (P) by the following relation:
Qd = 1000 - 5P .
A. Solve for P, and give the y-intercept & slope [change in P/change in Q] of the line.
B. If price is 100 (ignore units here), how much is bought & how much is spent?
According to Jared Diamond, what are the “roots of inequality” in the division of the world into ‘haves’ and ‘have-nots? What role has “the roots of inequality” played in the division of the world into ‘haves’ and ‘have-nots’ within today’s globaliza..
Consider a MONOPOLIST that is currently maximizing profits. At the current output level the average variable cost is $18, total revenue is $8,510, and the price is $23. If this monopolist produced nothing, its total cost in the short run would be $2,..
The manager of a company notices that the company's total revenue would increase if the manager raises the price of the company's product. Accordingly, the manager can assert that the demand for the company's product is: elastic or inelastic, or z..
Let’s discuss the impact of proper contact with customers (face-to-face, via phone, written, or online communication) on a business. What are some examples of excellent service you've experienced?
A manager must decide how many machines of a certain type to purchase. Each machine can process 100 customers per day. One machine will result in a fixed cost of $2,000 per day, while two machines will result in a fixed cost of $3,800 per day. Variab..
Suppose there are three types of consumers who attend concerts at your university’s performing arts center: students, staff, and faculty. Each of these groups has a different willingness to pay for tickets; within each group, willingness to pay is id..
Suppose a nation picks 1000 young adults at random to serve in the army. Illustrate what information do you need to determine the cost of using these people in the Army.
There is a duopoly of beer producers, Biller and Moors, who produce identical hoppy ales, and each have marginal costs of $100 per keg. Assume there are no fixed costs. What are the best response curves in Cournot Oligopoly for these two producers? W..
What does Friedman mean when he says the Earth is becomming "hot, flat, and crowded?" Describe three of the key problems that Friedman identifies in the book and explin why they re important.
Given the following equations, Quantity Demanded = 90-2P Quantity Supplied = P. What is the equilibrium price and quantity? Illustrate in a graph.
"Should a company ever produce a good or service if the managers know it will lose money?" In your opinion, are labor unions beneficial or harmful for our economy? Why? When disucssing wages, incomes and interest rates would you focus more on the rea..
One of the basic facts of financial markets is that financial intermediaries, particularly banks, are the most important source of external funds used to finance business. Explain the reasons with few sentences from what we learned in Chapter 8 from ..
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