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KROM-FM is currently contemplating a T-shirt advertising promotion. Sales data from T-shirt shops marketing a prototype of the KROM design indicate that
Q=1,200-200P
Where Q is T-shirt sales and P is price.
a. b. c. d.
How many T-shirts could KROM sell at $4.50 each?What price would KROM have to charge to sell 900 T-shirts?
At what price would T-shirt sales equal zero?
Calculate the point price elasticity of demand at a price $3.00.
Explain why a monopolist, such as Media Cable, faces a downward-sloping demand curve Explain why the marginal revenue from an additional sale is less than the price of the service Suppose Media Cable currently charges $70 for its service. If it lo..
the most efficient production technology available for making vitamin pills has the cost structure given in the following table. Note that output is measured as the number of bottles of vitamins produced per day and that costs include a normal pro..
Tennessee just instituted a state lottery. The initial jackpot is $100,000. If the first week yields no winners, the next week's jackpot goes up, depending on the numbers of previous players who placed the lottery bets
Cinema Theater has estimated the following demand functions for its movies: Daytime demand, QD = 400 - 50 PD Nighttime demand, QN = 200 - 20 PN The marginal cost of serving another customer is $5 and its fixed costs are $100.
When average consumer income increases from $40,000 to $44,000 in Mapleville, the quantity demanded of widgets went from 10 to 9 units per capita, even though the price of widgets and other products did not change.
Use the sales data given below to determine a)the least squares trend line b)the predicted value for 2002 sales. c) the MAD d) the unadjusted forecasting MSE sales 1995 130 1996 140 1997 152 1998 160 1999 169
Given the following information calculate the multiplier effect on Y, i.e. by how much does output increase or decrease by (Y), if Unless told otherwise, assume other factors are held constant. For example if you are told that only government spend..
selects its own output q2. Output is homogeneous across firms and satisfies the industry inverse demand function P = 200 - q1 - q2. Both firms have zero fixed costs and total costs of Ci(qi) = 60qi. Compute the Cournot-Nash equilibrium outputs and ..
Ajax, Inc. is a monopolist. The estimated demand function for its product is Qd = 120 - 0.8P + 12Y + 4A Where Qd denotes quantity demanded, P denotes price, Y denotes personal income (in thousands of dollars)
Assume an earning rate of 6% per year compounded monthly on your investments. How much must you place into your retirement plan monthly starting at the end of next month (month 1) and ending one month prior to the commencement of the retirement be..
As capital investment analyst for the Parkhurst Printing Corporation, you have been asked to evaluate the advisability of purchasing a new printing press to accommodate projected increases in demand. This new machine is expected to last 5 years, a..
Suppose two firms 1 and 2 compete in quantities and face a demand curve p = 100 - q. Suppose firm 1 has a constant marginal cost of 10 while firm 2 has a constant marginal cost of 40. Suppose they produce quantities simultaneously.
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