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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: Q = 500 - 100PP + 1.25A - 20Ps + 2I where Q = 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 $22,000.
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.
Suppose Humphrey starts out with four pounds of food and seven gallons of water, while Lauren starts out with eight pounds of food and five gallons of water. Draw an Edgeworth box that shows all possible allocations of these goods, and plot the endow..
Further assume that they are not able to ‘collude' on price and quantity of premium digital channel subscriptions to sell. How much profit will each firm earn when this market reaches Nash equilibrium.
Business firm that holds a global monopoly on a particular product but is currently selling the product only in its domestic market where its profits are substantial.
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Find the monopolist's profit-maximizing quantity and price
The wage in Mexico is $5. The wage in the U.S. is $20. Provide current employment, the marginal product of the last worker in Mexico is 100, and the marginal product of the last worker in the U.S. is 500.
Why do economists attempting to forecast short run future changes in real GDP and employment look closely at data on business inventories and unfilled orders? What conclusion could be drawn if the volume of unfilled orders and average length of deliv..
what is the expected annual real depreciation consistent with interest rate parity?
Compute the profit-maximizing output for the price leader. Illustrate what the market price is given the price leader's output in (c). Elucidate how much does each competitive firm produce.
1. discuss the pros and cons of central banks setting policy based on rules as opposed to setting policy based upon the
Spivey just won the Powerball lottery! The $25,000,000 jackpot will be paid in 10 annual instalments of $2,500,000 each, with the first payment to be paid immediately. Spivey's opportunity cost of capital (interest rate) is 4% per year. What is the p..
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