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Why is advertising prevalent in many oligopolies, especially when industry demand is inelastic? Illustrate your answer by assuming that with advertising, a firm's demand curve has price elasticity of -1.5 and without advertising, it is -2. If MC is $10, what is the difference in the profit-maximizing price?
Assume the following data for a country: total population, 500; population under 16 years of age or institutionalized, 120; not in labor force, 150; unemployed, 23; part-time workers looking for full-time jobs, 10. What is the size of the labor fo..
Suppose there is a boombox market that has the following demand curve: P=400-20Q and there are N firms, each with a marginal cost of 30. How many firms must there be for the cournot equilibrium price to go below 40
Julia can fix a meal in 1 hour, and her opportunity cost of one hour is $50. Jacque can fix the same kind of meal in 2 hours, and his opportunity cost of one hour is $20. Will both Julia and Jacque be better off if she pays him $45 per meal to fix..
Wood products industry officials now claim that major mill closures over noneconomic issues occur at a rate of one every six months. Assume that this rate is accurate. a. Find the probability that no major mill closures will occur during a given ye..
Suppose the total market value of all final goods and services produced this year in economy X is $4 million. Of the $4 million worth of goods, $3 million is sold and $1 million is held in inventory. For this year, the GDP for economy X is
Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0% Intercept 123034.4703 23311.13897 5.277926165 0.000358709 71094.01589 174974.9248 71094.01589 174974.9248 y 0.238078372 0.017797354 13.37717818 1.04516E-07 0.19842..
At a product price of $ 40, how many units will this firm produce in the short-run b)At a product price of $ 50, how many units will this firm produce in the short-run c) At a product price of $ 60, how many units will this firm produce in the short..
These bonds make annual payments and mature 8 years from now. Suppose you decide to sell your bonds today, when the required return on the bonds is 14 percent. If the inflation rate was 3.3 percent over the past year, your total real return on thi..
The Ajax Manufacturing Company wishes to choose one of the following machines. Machine 1 Machine 2 Machine 3Initial cost $12,000 $15,000 $21,000 Planning horizon 5 years 5 years 5 years Salvage value $1200 $2,000 $3,000Revenue years 1,..,k $3,000 +50..
Joe sells vacuums. Given the demand for vacuums at P= 15 - .001Q. Joe faces constant cost of $3 per vacuum and $5,000 fixed cost. What is the dead weight loss given profit maximized out put is 6,000 units and rpice 9$
Use the rule for determining optimal purchases to decide how many hours you should study each subject. Treat each point on an exam as 1 unit of utility and assume that you consider an extra point on an economics exam to have the same value as an e..
The construction of a dam will cost $1,000 at time 0, $500 in year 1, $500 in year 2. It will be completed at the end of year 2. Beginning in year 3, maintenance costs will be $100 per year through year 10. From years 11 on, maintenance costs will..
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