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Suppose you are the manager for a firm that has a monopoly on the product you produce and sell. Market research has shown that the demand by a typical customer for the product you sell is given by:
Assume you have no fixed costs. From your production department, you are told that the variable costs of production are given by:
a. If you decide to offer the product for sale to all buyers at a single price, what price will you charge and how much will you sell to a typical customer?
b. What profits per consumer will the firm earn under this pricing strategy?
c. Now suppose you decide to use a simple block pricing strategy whereby you offer your product as a single package of a predetermined number of units. How much will you sell to a typical customer? (Hint: What is the optimal bundle size?)
d. What price per consumer will the firm charge under this pricing strategy?
e. Compare the profits under the two pricing strategies. Comment on the comparison.
Assume the government imposes a tax of $2.00 per unit to reduce widget consumption and raise government revenues. What will the equilibrium quantity be?
That means that businesses, consumers and whole societies face tradeoffs whenever they make a decision.
Several believe that wage inequality in the United States will generate shifts in labor markets such that gap between most highly skilled in the population and least skilled will start to fall in the near future.
Allowing free trade between countries can be beneficial, but it also imposes costs. Use the ITT Tech Virtual Library to research costs and benefits of allowing free trade. Discuss aspects of international trade that some may consider unfair.
Aero Company currently has net income of $3 million and 1. million common shares outstanding which sell for $20 per share. Aero has decided to issue new stock to raise $4,000,000 to expand its operations.
The problem related to Economics, particularly Macroeconomics. It is deals with the indicators of economic development and the associated political risk.
Johnson Filtration, Inc. provides maintenance service for water-filtration systems. Data that follow show the repair time in hours, the months since last service, the repair type and the repair person for a sample of 10 maintenance service calls.
At least one-day is lost in supplying customers with products because of the delays in getting orders into the system.
Which of the following items are included in the calculation of GNP in the UK, and which are excluded?
A "product" is best described as: A) A purely physical entity. B) An image in the mind of the consumer. C) A need satisfying offering of a firm. D) An intangible service. 2._____ means a product's ability to satisfy a customer's needs or requirements..
Illustrate what are the two main challenges of the international trading system? How have these concerns been negotiated among trading partners.
measure used to calculate the price level and measure used to calculate the cost of borrowing money.
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