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Suppose you manage a United States based firm that makes shoe laces that you sell in a highly competitive market (your shoe laces are considered a standardized commodity by your customers). Your marketing staff predicts that in the upcoming year overall industry supply will fall by at least 4 percent because some of your United States competitors cannot continue to compete with foreign suppliers, but market demand will rise at least 2 percent. How, if at all, should you alter your production plans for the coming year?
As a manager of a financial considering business you have two financial planners, Phil and Francis. In an hour, Phil can make either one financial statement or answer ten phone calls,
Each instance which follows is an example of one of four types of market failure (imperfect market structure; the existence of public goods; the presence of external costs and benefits; and imperfect information).
A firm sells in a competitive market in which price is $10. Its marginal cost is 2 + .5Q. Find out the profit-maximizing level of output.
Give at least two examples of a perfectly competitive market and explain what characteristics led you to that decision. Second, give at least two examples of a monopoly market and explain what characteristics led you to that decision.
Describe how the marginal product for a resource can change. Conclude with an explanation for what can change the demand for a resource.
Suppose a perfectly competitive firm is producing 300 units of output, P = $10, ATC of 300th unit is $8, marginal cost of 300th unit = $10, and AVC of the 300th unit = $6. Based upon this information, the firm is:
Assume total benefits and total costs are given through B(Y) = 100Y-8Y(squared) and C(Y)=10Y(squared). Determine the maximum level of net benefits?
Monopoly Rinks is the only ice skating facility in Mapleville. The next closest rink is about 100 miles away. It has determined that its demand curve is
Suppose that you agree with the 16-percent rate of return proposed by the company. What factors need to be considered when setting rates designed to achieve this factor?
The Haas Corporation's executive vice president circulates the memo to the firm's top management in which he argues for reduction in price of firms product. He says such a price cut will raise the firms sales and profits.
The output effect of an increase in the wage comes about because higher wages:
Derive the profit maximizing price and the profits at this price. What is the demand elasticity at this price? What is the total demand when the monopolist charges a price P?
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