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Sometimes, a bidder on a work contract may bid lower than what would maximize his/her profit
from the contract and the reason for that is to create goodwill
(to increase expected future business from the buyer).
How would you value the goodwill that is obtained in this way?
Think about an example that pertains to you.
If there is expected goodwill would you be prepared to bid lower to get a contract?
Obtain price elasticity of demand for good one. Obtain income elasticity of demand for good and find the amount of compensation needed for Hicks compensation
Developing countries in the "Global South" turned to socialism in the past as a means to solve their economic problems.
Farmers have a relatively inelastic demand for their crops. Suppose there is a bumper crop year (an unusually large harvest).
Find out the own price elasticity of demand and state whether demand is elastic, inelastic or unitary elastic. Determine the income elasticity of demand state whether good X is normal or inferior
Suppose that raw materials (input R) are fixed at 10 units. Determine the number of units of input L that maximizes the total product function.
A manager at strateline manufacturing much choose between twoshipping alternatives: two day freight and five-day freight. Using five day freight would cost $135 less than using two day frieght.
Explain the median housing price in a community
What is the difference between explicit and implicit costs? Which of the costs is most closely associated with opportunity costs and why?
What money supply should the Fed set next year if it wants to keep the price level stable and what is the price level? What is the velocity of money?
Provide a brief company and product description and describe the characteristics of your chosen product that differentiate the product in the marketplace.
Assume monopolizing a service or product of your choice. Discuss how you would go about setting prices for your product or service.
Discuss the welfare effects of four possible policies: price floor, price support, production quota and voluntary production reduction. Which policy is least efficient? Discuss the differences in the benefits to farmers and the cost to the governme..
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