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Calculating the optimal price using the arc formula for elasticity.
If the price is $15 the company sells 27 units. If price is $12, the company sells 42 units. The company wants to earn a 20% return on sales. ATC=MC=$10. How do I determine the optimal price using the linear approximation method, cost plus pricing and mark-up pricing. How does the arc formula for elasticity factor in to these equations?
What would anything change if unemployment benefits were reduced such that the y-intercept of the MC curve increased four-fold. Show graphically.
Assume that the price elasticity of demand for good. Describe how much consumption changes.
Assuming the phone company has to charge the same monthly rental fee and unit price to all its customers, at what level should it set these charges?
Compute the coefficient of price-elasticity of supply for the seven prices ranges given above and complete the table.
Illustrate what is the price elasticity of demand of a representative gasoline retailer's product.
Suppose elasticity is -2,price is $10, and marginal cost is $8, should you raise or lower price?
A monopolist has a constant marginal and average cost of $10 and faces a demand curve of Q D -Calculate the monopolist's profit maximizing quantity, price and profit.
Describe which is elastic and inelastic in the attached question and also how to arrive at the answer for this question:
Describe by what percentage would a 10% rise in the price reduce the quantity demanded, assuming price elasticity remains constant along the demand curve.
Explain how a change in investment can have big impact on GDp causing nationwide slump. Recall that investment is "small' relative to the whole economy.
Problem - Income Elasticity of Demand, Interpret the following Income Elasticities of Demand (YED) values for the following and state if the good is normal or inferior; YED= +0.5 and YED= -2.5
Your company is considering expanding overseas. It is particulary interested in developing markets, and narrowed its choice down to two countries, A and B.
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