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Use the information in each scenario alone to answer each question.
a) What is the marginal revenue of a firm that sells a product at the price of $15 and the price elasticity of demand for the product is -2?
b) What is the price elasticity of demand of a firm that sells a product for $20 and marginal revenue is $12?
c) Use the following demand function to determine the revenue maximizing price and quantity, Q=2500-5.5P.
You are asked whether current antipoverty policy meets three generally accepted goals of helping, minimizing cost, preserving work incentives also what changes you would favor and why.
At what price and quantity would Gringle maximize revenue? What is its maximum revenue? At what price and quantity would elasticity of demand equal -2.4. What is the P/MR at this point? Assume Gringle wants to mark up its product by 40% above margina..
Assume that health production is subject to diminishing returns and that each unit of health care employed entails a constant rate of iatrogenic (medically caused) disease. Would product of health function eventually bend downward
Each day Paul, who is in third grade, eats lunch at school. He likes only twinikies (t) and soda (s), and these provide him a utility of utility = U(t,s)=(ts)^1/2. If twinkies cost $0.10 each and soda costs $0.25 per cup, how should paul spend the $..
What would happen to unit sales and total revenue of the book store sold a textbook at a lower price? Would this be elastic due to the fact that a college textbook would be a necessity versus a luxury? Also, if that is the case.. Can you please expla..
Illustrate what specific factors might have accounted for this event.
Explain why government deficits in more troubled countries, such as Zimbabwe or Iran, tend to produce more inflation than deficits in less-troubled countries, such as Japan or United States.
South western Moving and Storage (SMS) buy a large-capacity trailer truck for $115,000 to provide short-haul earth moving services. SMS is planning selling the truck in seven years for a price of $45,000. Determine the engineering economy symbols and..
How much would you have to invest on a monthly basis to yield $1,000,000 in at your retirement i fthe return rate is 4.5% compounded monthly?
Suppose instead that the station seeks to maximize its profit from sales of the DVDs. What price should it charge. How many DVDs should it order from which supplier.
Suppose there is an increase in the population growth rate. A. Show graphically how this affects the growth rate of both output per capita and total output in the short and long run.
one year later, the new class discovered that, at a price of 30 cents per can, the number of cans has fallen to 125 and two revenues are down. (A) Compute the price elasticity of demand in the first and second cases. (B) Explain what may have happ..
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