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Suppose a firm has a constant marginal cost of $10. The current price of the product is $25, and at that price, it is estimated that the price elasticity of demand is -3.0. a. Is the charging the optimal price for the product? Demonstrate how you know. b. Should the price be changed? If so, how?
Using the following schedule, define the equilibrium price and quantity. Explain the situation at price of $10. What will occur? Discuss the situation at a price of $2. What will occur?
In a few weeks Professor Smith will be taking his daughter Attilla to the State Fair. Calculate the Marginal Rate of Substitution (MRS).
America's young people are heavy Internet users; 87% of Americans ages 12 to 17 are Internet users (The Cincinnati Enquirer, February 7, 2006). MySpace was voted the most popular Web site by 9% in a sample survey of Internet users in this age grou..
Disclose what the book suggests once the short-term rate is much cheaper than the long-term in interest rate. Substantiate whether or not that is a normal occurrence or a cause for alarm.
Explain how have they implemented the policy changing the "interest rate", changing the reserve ratio, or open market operations. How has this policy impacted you and/or your company.
Illustrate what can you determine about consumer demand for your product from this information
Realizing that the major function of benefit is to allocate resources according to consumer preferences, why are some groups in United States extremely critical of companies that earn increasing benefits
Suppose a firm that is deciding whether to operate plants only in United States or also in either Mexico or Canada or both. Congress is currently discussing an overseas investment in new capital tax credit for U.S. firms that operate plants outside t..
Suppose a frost kills a large portion of an orange crop, with a resulting higher price of oranges. It has been said that such an increase in price benefits no one since it cannot elicit a supply response; the higher price, it is said, simply "line..
Explain why user cost, or scarcity rent, arises in the intertemporal allocation of a depletable resource such as minerals, and some types of energy and aquifer water resources.
As a budding entrepreneur, you have purchased a small bagel shop. You have engaged in a market study to categorize your customers' willingness to pay for a meal (coffee+bagel) into 8 equal sized groups: ($5.00, $4.50, $4.00, $3.50, $3.00, $2.50, ..
A company produces output with a constant marginal cost MC = 2. Its output is consumed by two types of customers a and b, with demand functions
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