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The Physics Club sells E = mc2 T-shirts at the local flea market. Unfortunately, the club's previous administration has been losing money for years, so you decide to do an analysis of the sales. A quadratic regression based on old sales data reveals the following demand equation for the T-shirts: x = −2p2 + 36p (9 ≤ p ≤ 16). Here, p is the price the club charges per T-shirt, and x is the number of shirts it can sell each day at the flea market. (a) Obtain a formula for the price elasticity of demand for E = mc2 T-shirts. E = (b) Compute the elasticity of demand if the price is set at $10.50 per shirt. (Round your answer to two decimal places.) Interpret the result. The demand for E = mc2 T-shirts is going Correct: Your answer is correct. by about % per 1% increase in the price. (c) How much should the Physics Club charge for the T-shirts in order to obtain the maximum daily revenue? $ What will the maximum revenue be? $
A new good or service for an existing business or a business that you want to develop and how will you determine the profit-maximizing quantity?
Assuming the velocity of money is constant, nominal money supply is growing at 12 percent a year and real incomes are growing at 4 percent a year: What is the inflation rate in this economy? What would happen to the inflation rate if real incomes wer..
Assume you are the manager of a medium-sized industry which operates in an industry which has a four-industry concentration ratio
suppose that beer preresents 22 percent of the economy and pizza represent 4 percent. Chocolate is the rest of the economy. What was the inflation rate for this economy?
Draw the profit-possibility frontier in the duopoly case when the firms have constant and equal marginal costs, decreasing marginal costs, and constant but unequal marginal costs.
In the short run, the average total cost curve slopes upward because of:
Three years ago Maricopa County implemented a policy to tackle the problem of particulate matter in the air. The project/policy consisted in paving and compacting some of the roads the dairy industry uses for feeding the cattle and transporting the m..
Alex wants to measure the nominal GDP of $993 billion in 2008 dollars. From the data he gathered, he knows the deflator for 1998 is 30 and for 2008, it is 74. What was real GDP in 1998?
In a perfectly competitive market, each firm produces at a quantity where price is set
If a market is perfectly competitive and is in long-run equilibrium, which of the following conditions does not hold?
A Material Requirements Planning (MRP) is most valuable in industries where a number of products are made in batches using the same productive equipment and with companies involving
The Delphi method used for forecasting:
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