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The demand and cost estimates Q = 90 - 6.5P and TC = 150 + 3.5Q
Unfortunately what we didn't realize at the time that our fixed cost were underestimated by at least 30 percent. this means that we'll have to adjust upward our price by at least 30 percent to cover the added fixed cost. In any case theer is no way to in the world that we can survive by charging less than $9 for our product.
A.) Comment on the statement. Do you agree with the speaker? Explain. Use a graph to illustrate the answer indicating the firm's short-run cost structure
B.) What price should the firm charge if it wants to maximize its short-run profit.
How would government react to sudden, large changes in the price of a key commodity, such as gasoline, electricity, or prices on stocks on the New York Stock Exchange?
Neolithic Revolution
Calculate the elasticity of demand and elasticity of supply at each price change in the market for financial calculators
You decided to open a restaurant, named FunMeal. FunMeal is a fast food restaurant with a very limited menu. What is FunMeals elasticity of demand? Is demand elasticity, inelastic, or neither?
What are the efficient quantities for each of the two periods? What are the correspondingprices and MUCs?
Describe each of the subsequent using supply and demand diagrams.
The marginal and average cost curves of taxis in metropolis are constant at $.20/mile. The demand curve for taxi trips in metropolis is given by P = 1 - .00001q, where P is the fare, in dollars per mile, and Q is measured in miles per year.
You're a manager at the Chevrolet division of General Motors. If your marketing department estimates that the semiannual demand for the Chevy Tahoe is Q = 100,000 - 1.25P
You know from data gathered on the widget market that market demand has recently increased and market supply has recently decreased. As manager of the facility, what decisions should you make regarding production levels and pricing for your widget..
Show the country's production possibility curve.
What will be the immediate impact on wages in each of the regions in the short run (before any migration between the North and the South occurs)?
The problem in economics in price theory deals with deriving maximum marginal utility and marginal rate of substitution.
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