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Amalgamated Popcorn, Inc. is a fairly small firm selling bags of flavored gourmet popcorn in a popular mall. As shop owner and operator, you have observed that your daily sales tend to follow a pattern that can be stated as: Qp = 500 - 100Pp + 1.25A - 20Ps + 2I where Qp= unit sales of popcorn bags, Pp = price of bags in dollars, A = advertising expenses, Ps = price of soda pop sold at your stand in dollars, I = per capita income of customers in thousands of dollars. You are currently charging $1 per bag of popcorn, spending $200 in advertising, charging $1 for a soda pop, and per capita income is $12,000. a. Compute the elasticity coefficients for price, advertising, income, and cross-price. b. You are currently paying $.45 for popcorn (including cost for the corn, cost to pop, and bag). Is this the profit-maximizing price?
Explain how economics is used as a social science and as a policy tool and write a two-page essay in which you address the issues.
Which diagram should use to explain third degree price discrimination relating to sub-prime borrower discrimination?
Allocating a square block in the heart of New York City for a surface parking lot or allocating a square block at the edge of a typical suburb for such a lot?
The demand for speciality glue is given as: P = 1200 - 6Q, where P is value per 100 pounds of specialty glue produced and Q is the amount manufactured.
If the appropriate interest rate is 13 percent, what kind of deal did the player snag?
Suppose the two countries are not trading and that both desire to have equal numbers of feet of timber and baskets of fruit. How would they allocate workers to the two sectors?
What should be the amount of her quarterly deposits in actual dollars? Support your answer with all necessary steps
What are the marginal costs and benefits of pursuing additional education and inherent risks associated with this decision?
What impact does the privatization of prisons have on providing rehabilitative services that would help prisoners rejoin society productively and curb recidivism? Explain.
The government is considering undertaking one of the four projects A1, A2, A3, A4. These projects are mutually exclusive, and the estimated present values of their costs and of their benefits are shown in millions of dollars as follows.
An economist for the widget company estimated following short term production function. Compute the AP and MP mathematically and identify the three stages.
Apple recently launched the iPod nano under 2-different versions:2GB and 4GB. There are two types of customers of the iPod nano.
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