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Your company manufactures two models of speakers, the Ultra Mini and the Big Stack. Demand for each depends partly on the price of the other. If one is expensive, then more people will buy the other. If p1 is the price of the Ultra Mini, and p2 is the price of the Big Stack, demand for the Ultra Mini is given by q1(p1, p2) = 100,000 − 400p1 + 10p2 where q1 represents the number of Ultra Minis that will be sold in a year. The demand for the Big Stack is given by q2(p1, p2) = 150,000 + 10p1 − 400p2. Find the prices for the Ultra Mini and the Big Stack that will maximize your total revenue.
The Law of Demand states that the demand for a product is inversely related to the cost of such product.
What does the Production Possibilities Frontier show? How can it be a useful tool for explaining the tradeoffs that countries have to make between capital and consumer goods?
The net exports effect is the impact on a country s total spending caused by an inverse relationship between the price level and the net exports of an economy. Using this principle, discuss how the following economic variables change during an econom..
A firm faces the demand function Qd = 60− (½)P and the cost function C = 11Q2 +5. What is the optimal quantity that a price-taking (and profit maximizing) firm should supply? What is the profit when quantity produced is optimal? Construct a graph sho..
1. a woman and her son are debating about the average length of a preachers sermons on sunday morning. despite the
The bar exam for lawyers is written by practicing lawyers. Why might having practicing lawyers write the exam limit the entry of new lawyers into the profession? Why might they want to limit entry?
Please distinguish between the Keynesian and Classical views about the correction of problems that arise from business cycle. Please define spending multiplier. What is its significance in fiscal policy discussion? What is loanable fund market about?..
Because of its effect on the amount of capital per worker, in the short term an increase in the working population is likely to
Siva Nathaniel owns various plots of land in Fulton County, Georgia. He acquired the land at various times during the last 20 years. About every fourth year, Siva subdivides into lots one of the property he owns. He then has water, sewer, natural gas..
Find the market clearing price and quantity in the market for TVs if market demand is given by P=7,000-20Qd and Supply is given by, P=1000+10Qs?
Describe the assumptions of the monopoly model, as it applies to health and medical services where price discrimination takes place. Describe the assumptions of the monopoly model, as it applies to health and medical services, where suppliers can ind..
Imagine the economy starts off at the steady state, with m=v=1 and b=1/2; additionally, suppose that the Fed's infaltion target (π-bar) is 1% and that the real federal fund rates (r-bar) is 1%. In period 1, political uncertainty causes a negative AD ..
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