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Lilly is at Times Square in New York selling watches. she is one of over 100 watch suppliers in central Manattan, and there are naturally many potential buyers that stroll downtown every day, Furthermore, for the average person, Lilly watches are not distinguishable from her competitors. Given her newly found skill on estimating demand and cost functions, she estimates that his daily inverse demand and cost functions are: p=25-q tc=40+2.5q^2 a. using this information, tell me what lilly profits in the short run should be if she is a profit- maximizing person. b. suppose that lilly makes a discovery in the catskills of a hidden cave, which house magical watches, further, assume she lay claim to this parcel of the land thus claims exclusive owership of this unquie resource. lastly, because of an inheritance, she can now grossly out- advertise all of her competitors in central Manhattan while simultaneously building a watch stand made of gold. calculate Lilly's new profits and explain why she is likely to enjoy excess profits going forward,
Your firm’s research department has estimated the income elasticity of demand for Art Deco lawn furniture to be -0.85. You have just learned that due to an upturn in the economy, consumer incomes are expected to rise by 5 percent next year. How will ..
1. you are a manager for a regional health system. using an estimate of the price elasticity of demand of -0.25 how
Describe a national model of universal healthcare coverage. Compare the model's methods of funding for healthcare in the United States. Identify which one you think is best by discussing access and quality detail.
Consider the market for labor is segmented into the market for low skilled labor and the market for high skilled labor. If the low skilled labor market is given by the following function: labor demand: w = 35 – 0.005L; and labor supply is 4000. What ..
Least-cost production analysis is often applied by managers and plant engineers in deciding the operations plans of the company - Determine under what conditions, a company should or should not continue to produce the good or service.
A local community bus service, the only bus service in the market (i.e. a monopoly), charges $2.00 for a one-way fare for all riders. The city council is thinking of raising the one-way fare to $2.50 for all riders. If the city council increases the ..
Economics is the study of how society manages its
Firms that operate in an olligopolistic market structure must consider how other firms in the industry will react to any decision yet it is illegal for firms to collude (work together) in most cases. Do you perceive that the laws that prohibit differ..
According to the political business cycle theory, if the Fed wanted to see a President re-elected, prior to the election it might.
The price demand function for 100 packs of whiteboard erasers is x = (360-4p)1/2. p is the price of one 100 pack of erasers. What is the elasticity of p = $18? Is the demand elastic, inelastic, or unit elasticity at this price? What price should the ..
List the characteristics of each school of thought and draw the aggregrate demand and aggregate supply curves that demonstrate of each school of thought:
A country that does not tax cigarettes is considering the introduction of a $0.40 per pack tax. The economic advisors to the country estimate the supply and demand curves for cigarettes as: QD = 140,000 - 25,000P; QS = 20,000 + 75,000P, where Q = dai..
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