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The demand curve for a product is given by P = 400 - 1Q/3.
a. What is the own price elasticity of demand when price is $100? Is demand elastic or inelastic at this price? What would happen to the firm’s revenue if it decided to charge a price above $100?
b. What is the own price elasticity of demand when price is $300? Is demand elastic or inelastic at this price? What would happen to the firm’s revenue if it decided to charge a price below $300?
c. What price should you charge in order to maximize the firm’s revenue?
You are the manager of a firm that produces and markets a generic type of soft drink in a competitive market. In addition to the large number of generic products in your marke
How much profit will the monopolist make if she maximizes her profit? What would be the value of consumer surplus in this monopoly market?How much consumer surplus would there be if this market was perfectly competitive? What is the value of the dead..
Originally the consumer faces the budget constraint p1x1+p2x2=m, then the price of good 1 doubles, the price of godd 2 becomes 8 times larger and income becomes 4 times larger. what are the effects of the changes on the budget line.
Consider a company that uses two inputs. The quantity used of input one is denoted by x_1 and quantity used of input 2 is denoted by x_2.
Use supply and demand analysis to describe why equilibrium price of apples will increase and the equilibrium quantity will fall if an excise tax is levied on apples.
Starting with the estimated demand function for Chevrolets given in Problem 2, assume that the average value of the independent variables changes to N=225 million, I =$12,000, P= $10,000 P= 100 cents, A=$250,000 and P=O
1 consider the following open-economyc 1000 08ydi 500g 400t 300ex 400im 005yda. compute the equilibrium output
The inflation rate over a 10 year period for an item that now costs $1000 is shown below Year 1, 10% Year 2, 0% Year 3, 10% Year 4, 0% Year 5, 10% Year 6, 0% Year 7, 10% Year 8, 0% Year 9, 10% Year 10, 0% What will be the cost at the end of year 1..
Currently, it is difficult to sue the federal goverment unless it agrees to be sued. If the law were changed so that lawsuits (such as by victims of the collapse of the I-35W bridge) were easier, how would this change the incentives.
Suppose a basket of goods and services has been selected to calculate the consumer price index (CPI) and 2002 has been selected as the base year. In 2002, the baskets cost was $600; in 2004, the baskets cost was $650; and in 2006, the baskets cost..
An article in BusinessWeek warned of the dangers of deflation as the collapse of numerous Asian economies was creating worries that Asia might try to "export its way out of trouble" by oversupplying everything from automobiles to semiconductors.
1. suppose a perfectly competitive firm is faced with the following relationship between total cost and the quantity of
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