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1) The Hanover Manufacturing Company believes that the demand curve for its product is P = 5 - Q
Where P is the price of its product (in dollars) and Q is the number of millions of units of its product sold per day. It is currently charging a price of $1 per unit for its product.
a) Evaluate the wisdom of the firm's pricing policy.
b) A marketing specialist says that the price elasticity of demand for the firm's product is 1.0. Is this correct?
2) The marketing manager of the Aztec Enterprises must formulate a recommendation concerning the price to be charged for a new product. According to the best available estimates, the marginal cost of the new product will be $18, and the price elasticity of demand for this product will be 3.0.
a) What recommendation should she make, if Aztec wants to maximize profit?
Suppose you are running a photo copy center that makes illegal copies of the textbook. An illegal copy of the book sells for $10 and you only have one copy machine.
Provide a graph of the Solow model, indicating the position of the golden rule level of saving (SR), and explain why it is preferred.
Engineers at national research laboratory built a prototype automobile which could be driven 180 miles on single gallon of unleaded gasoline. They estimated that in the mass production the care would cost 40k for each unit to build.
In the following list a number of well-known companies and the products that they sell. Which of the four types of markets (perfect competition, monopoly, monopolistic competition, and oligopoly)
Discuss the use of Gross Domestic Policy (GDP) to measure the business cycle. Discuss the roles of government bodies which determine national fiscal policies.
For each of the following events, state whether the aggregate demand curve would increase, decrease, or stay the same.
Write a 400- to 700-word memo to the economic adviser. Describe the change in tax revenues for the government in the new equilibrium, in both the short and longer terms.
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.
Find out the average total cost and average variable cost as a function of the level of output. Assuming the firm has the same cost curves in the long-run for q>0 and C (0) =0, how much will it produce in the long-run?
If the price of manufactured goods rises to $6 bushel (a rise of 50%), the parity price of corn as well rises by 50% - to $4.50 in this hypothetical example.
What is the share of Household A's income spent on education? Does this household consume more or less education if EF = 20 is provided by the government? What is the share of Household B's income spent on education?
Use the data in the table to the right to answer the following questions. What is the external cost per unit of production? What level is produced if there is no regulation of the externality?
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