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A pharmaceutical company has a monopoly on a new medicine. Under pressure by regulators and consumers, the company is considering lowering the price of the medicine by 10 percent. The company has hired you to analyze the effect of such a cut on its profits. How would you carry out the analysis? What information would you need?
Seth is a competitive body builder. He says he has ti have his 12 oz package of protein to " feed his muscles" every day. On the basis of this information, what can you conclude about his price elasticity of demand for protein powder?
Why the short-run demand for gasoline is less elastic than the long-run demand, when the price of gasoline rises, people immediately cut back on unnecessary trips.
Using a supply- and- demand graph and assuming competitive markets, show and explain the effect on equilibrium price and quantity of the following:
Suppose that in order to produce any positive amount of output, a firm must build an operating facility which costs $40. The Variable Cost of production is equal to 6q, where q is the quantity of output. What is the Average Total Cost of producing 5 ..
the demand for Internet advertising was declining at the similar time which the number of Internet sites accepting advertising was increasing
Determine if the following situations describe a game or a decision. Indicate what specific features of the situation caused you to classify it’s you did. A party nominee for president of the United States must choose whether to use private financing..
Assess the impact that judicial activism has had on American society, discussing specific cases in which the Supreme Court or a lower federal court played an activist role. Why does the Constitution allow judges to play an activist role? In respondin..
a homeowner can insulate his house and save $50 each year in heating bills. If the interest rates are 6%, should the house owner insulate or not.
A fleet manager must choose between two trucks to purchase for a company's fleet. The company will keep either truck for 4 years. Truck A costs $29,000 and has a market value of $16,000 after 4 years. Truck B costs $33,000 and has a market value of $..
Suppose that the long-run world demand and supply elasticities of crude oil are -0.906 and 0.515, respectively. The current long-run equilibrium price is $30 per barrel and the equilibrium quantity is 16.88 billion barrels per year. Derive the linear..
The automobile industry is one of the industries seriously affected by the recession that began in late 2007. General Motors and Ford are among the companies affected by this economic slowdown. Discuss income and price elasticities of demand for cars..
demand formula is given as p150-3q and we only have 40 tickets to sell and that the mc0 and we suppose to figured out
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