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Hook, Inc., is an international manufacturer of bulk antibiotics for the animal feed market. Dr. Mike Jones, head of marketing and research, seeks your advice on an appropriate pricing strategy for Pharmed Caplets, an antibiotic for sale to the veterinarian and feedlot-operator market. This product has been successfully launched during the past few months in a number of test markets, and reliable data are now available for the first time. The marketing and accounting departments have provided you with the following monthly total revenue and total cost information:
TR = $900Q - $0.1Q2
TC = $36,000 + $200Q + $0.4Q2
1) What is the revenue maximizing output and price? Why is this different from profit-maximizing output and price?
2) If the government places a ceiling at a price of $820 this is below profit maximizing price. Will the firm continue to produce at this price? If so, what output and price will they choose? Or will it shut down? Why?
Country A has real GDP per person of 250,000 while Country B has real GDP per person of 500,000. All else constant, Country A will eventually have a higher standard of living than Country B if
The Natural Rate of Unemployment is 5% with the current unemployment rate of 10%. The actual Real GDP is $500. What is the Full Employment (Potential) level of Real GDP?
the united states is experiencing a recession and congress decides to adopt an expansionary fiscal policy to stimulate
Evaluate the fundamental arguments between Keynesians and Monetarists concerning the level of government involvement in our economy to minimize the impact and stabilize the different stages of the business cycle.
Suppose that Taher's pizza business operates under competitive conditions and that his short-run production function is q=20^E. How much labor does he employ if the price of each pizza is p = $12 and the hourly wage is w0 = $6? [Hint: In this case, i..
A decrease in demand for coffee can be cause by:
In the context of your marketing plan project and the marketing research process (Kolter page 36), what one question would you ask of all your current customers? How would you ask the question and why?
An increase in autonomous investment will cause equilibrium output to increase
This means “to let the decision stand” and is used by courts to make consistent judgments.
The National Safety Council (NSC) estimates that off-the-job accidents cost U.S. businesses almost $200 billion annually in lost productivity (National Safety Council, March 2006). Based on NSC estimates, companies with 50 employees are expected to a..
How many people should the owner hire if he pays each worker $6/hour? c. Suppose he considers hiring students on a part-time basis for $4/hour.
In which markets will firms probably have the most difficulty recouping their investment in technological innovations?
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