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Suppose that a firm is currently charging $45 for its product. The firm knows that its marginal cost of producing the product is $25, and it believes that the elasticity of demand for the product (at least at its current price) equals 3. Given this belief, does it appear that setting its price at $45 is a profit-maximizing decision? If not, and if the firm's goal is indeed to maximize its current profit, should the firm raise or lower its price?
classify each of the following as employed unemployed or not in the labor force.a. beth is not working she applied
question 1 what do you mean by a social welfare function? if you suppose that such a function exists what properties of
Pick a social problem where free markets aren't allowed to function and explain how free market features could be introduced to aid alleviate the problem.
Given the following payoff matrix, (a) What is the best (optimal) strategy for each firm? (b) Would firm A using the low price as a threat if firm B enters? (c) What could firm A do to make its threat credible without building excess capacity
You are pension fund manager with a problem. You are constrained by regulation to hold 50% of your pension portfolio in shares, but you are very worried about a stock market crash and would like to hold only riskless bonds. You are not constrained..
A bridge over the Coosa River currently has no tolls and an average passage of 880 cars per day. State government wants to place a toll on the bridge with the objective of raising the most revenue
where LS is the quantity of low-skilled labor (in millions of persons employed each year), and w is the wage rate (in dollars per hour). The demand for labor is given by
What happens to the student's budget line? Illustrate the change with new books on the vertical axis. Is the student worse off or better off after the price change. Explain.
Demand and supply functions of tomato are listed below, The maximum value of tomatoes that manufacturer will offer for sale if the price of tomatoes is $ 0.30
If the government chooses to distribute the permits, does the allocation of permits among firms matter for efficiency? Does it matter in any other ways?
what happens to the AFC per paper, the MC per paper, and the minimum amount that you must charge to break even on these costs?
one of the most important issues concerning e-commerce is the privacy and security of ones identification and financial
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