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A proposal has been advanced to limit advertising of pharmaceutical prices to prevent unfair pricing by natural chains. You estimate that limits on price advertising will change the price elasticity of demand from -5.63 to -4.43. The marginal cost of a typical prescription is $40. A typical small pharmacy fills 25 prescription per day. A typical consumer fills 20 prescriptions per year. What economic effects will the limit have on consumers and on pharmacists? Which group is likely to be the more effective advocate for its position?
Assume that the market for wheat is perfect competitive, with demand curve P = 5000? 0.01QD and a supply curve P = 1+0.1QS. Each identical wheat producer has a total cost curve given by TC = 1+Q+Q2, which results in marginal cost of M C = 1 + 2Q. A) ..
From the perspective of an executive with the firm, prepare a strategic plan to grow the business over the next three years. Your strategic plan must be future-oriented and must: Describe Porsche’s history and its 4Ps (Product, Price, Place, and Prom..
In the short run, real GDP will decrease when the price level falls due to:
Consider two countries ‘Milkie’ and ‘Cookie’. The two countries have identical per capita production function, y = Ak0.5, with initially the same level of technology, A = 1. Which country has a higher steady state income per capita? Determine the ste..
A medical expenses billing firm wishes to hire a software firm to design its software to more efficiently handle its billing. Having the programming redesign is worth $1.5 million to the billing firm. The software firm can write and install new progr..
Which of the two units would you recommend ? What initial cost of machine A woul make the two machines identical in overal cost?
Consider a consumer who consumes two goods, x and y. He has Cobb-Douglasutility function given by U(x, y) = xy. Let the income of the consumer be 100.dollars. Price of x is $5 per unit and price of y is $10 per unit.MRS = y. What is the optimal consu..
a. Assume that the interest rate is 5%. What is the price of the bond? (Please show me work) b. Now suppose that the interest rate falls to 2%. What is the price of the bond? (Please show me work)
Explain the paradox of why new cars usually lose a large fraction of their market value the moment they are driven from the showroom. Identify the economic principle that explains this paradox.
A monopoly is considering selling several units of a homogeneous product as a single package. A typical consumer’s demand for the product is Qd = 100 - 0.5P, and the marginal cost of production is $80. Determine the optimal number of units to put in ..
Use supply and demand to show why teams that win championships typically raise their ticket prices the next season.
What factors influence Under Amour's ability to make an economic profit in the cross-training shoe market.
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