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Consider the problem of picking a price for an economics textbook. The marginal cost of production is constant at $20 per book. The publisher knows from experience that the slope of the demand curve is $.20: starting with a price of $48, a price cut of $.20 will increase the quantity of books demanded by 1 book. For example, here are some combinations of price and quantity:Price 44 40 36 32 30Quantity 80 100 120 140 150
a. Find the marginal revenue at each quantity?
b. What price will the publisher pick?
c. Suppose that the author receives a royalty payment equal to 10% of the total sales revenue from the book. If the author could pick a price, what would it be?
d. Why do the publisher and the author disagree about the price for the book?
e. Design an alternative author-compensation scheme under which the author and the publisher would pick the same price.
What are the annual accounting costs for the firm described above? What are the annual explicit costs for the firm described above?
Refer to the Real Estate data, which reports information of homes sold in the Goodyear, Arizona, area during the last year. Prepare a report on the selling prices of the homes.
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Required all pharmaceutical firms to sell their drugs in a competitive market with no ability to patent their break.
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Find the mean and standard deviation of team payroll for the 14 American League and the 16 national League teams.
Prepare a recommendation for each company. Should your recommendations be the same for both companies
Excise tax is levied on the buyers of a good, then after the tax buyers will pay for each unit of the good.
Under oligopoly if one firm in an industry significantly increases advertising expenditures in order to capture a greater market share, it is most likely that other firms in that industry.
Ronnie operates a lawn-care service. On each day, the cost of mowing the first lawn is $10, the cost of mowing the second Lawn is $12, and the cost of mowing the third lawn is $15.
China has continued to lag well behind the rest of the world in information technologies
Estimated regression equation for which quantifies the demand for Widget
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