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Mark, Cherry and Eric Jones jointly patented a method for manufacturing Adam Smith bobble head dolls. The plan is for a very limited production run. They investigate the potential market for this unique novelty and find their sales and total cost schedules to be as follows: (The costs include a licensing fee to the estate of Adam Smith)
Sales Unit Price Total Cost? 0 200 140? 1 180 170? 2 160 200? 3 140 220? 4 120 250? 5 100 300? 6 80 380
A) Computetheir TR, MR, ATC, MC and profit/loss schedules
B) Find out the equilibrium price, equilibrium output, unit profit, and total profit at the equilibrium point for these ingenious entrepreneurs.
Do you think that nearshoring or outsourcing will continue for U.S. companies? B. Identify a legal job that you would not accept on moral grounds? C. Identify a U.S. company that operates in a foreign country whose assets were confiscated. Explain..
Mr. Sea Food is considering a price reduction on the lobster soup, which currently sells for the price of $5.00. Mr. Smith, the proprietor, knows the price elasticity for this soup is roughly equal to 2.3 over the range being considered for the pr..
suppose that you are hired as a consultant to a firm producing a therapeutic drug protected by a patent that gives a
here is some data on the demand for lettucepricenbspnbspnbsp nbspnbspnbspnbspnbspnbspnbspnbspnbspnbspnbsp quantity
Should the firm shutdown immediately when the total fixed cost equals $1,000,000? Should the firm shut down immediately when the total fixed cost equals $3,000,000?
the economic analysis division of mapco enterprises has estimated the demand function for its line of weed trimmers as
a software company decided to build a larger factory at a cost of 50 million that would be operational for 5 years. at
Suppose the equilibrium price in the market is $10 and the price elasticity of demand for the linear demand function at the market equilibrium is 1.25. Then we know that a demand is inelastic.
For the total variable cost (TVC), draw a positive total fixed cost (TFC) and total cost (TC) curves. Then derive the associated marginal cost (MC), average total cost (ATC), average variable (AVC).
Ulrick and Birger started an air taxi service in Berlin, Germany, under the name Berlinair, Inc. Biger was approached by a group of travel agents who were interested in hiring an air charter business to take German tourists on vacation. Birger for..
Why does rent control result in a shortage of rental units.
From 1970 to 2000, the supply of college graduates to the labor market increased dramatically, while the supply of high school (no college) graduates shrank. At the same time, the average real wage of high school graduates fell.
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