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Problem 1: At 25 cents apiece, Mrs. Brown sells 100 candies per week. If she drops his price by 20 cents, her weekly sales will increase to 110 candies per week. Is the demand for candies elastic or inelastic? Prove your answer using two different approaches show all your work.
Problem 2: Provide three everyday examples to illustrate what we mean by choosing at the margin. What roles do you believe marginal analysis has in the use of economics as a policy tool?
Problem 3: List all the influences on buying plans that change demand, and for each influence, say whether it increases or decreases demand.
Discuss two distinct ethical issues that you will need to understand and respect as your business expands into your selected country.
If a firm has market power but cannot prevent its customers from reselling the product to other customers, the firm will:
Elucidate how on your diagram also calculate the profit maximizing output also price. Calculate the consumer surplus at the profit maximizing price also quantity.
Why might foreign aid not reduce poverty of a developing country? Explain Three different reasons based on the foreign aid.
Over which range of production, the marginal product of the variable input would be increasing in the short run.
Compute the revised slope of the AE cure and the multiplier when you know that the imports and the marginal tax rate
Is it a local, regional or national monopoly. What are some of the Barriers to Entry into this industry.
The United States has an absolute advantage in making many goods, such as short-sleeve cotton golf shirts. Why do Cost a Rica and Bangladesh make these shirts and export them to the United States?
If they close, then they only have the fixed costs. On a graph, we would have to compare the price with the average variable cost. What decisions need to be taken into consideration to determine if the business should remain open or close down
Illustrate what is profit-maximizing level of price and quantity for this monopolist. Illustrate what will profits be at this price and output level.
If the firm has a monopoly in product A and product B is sold in a competitive market, then what is the profit-maximizing tie-in sale price of product A?
what is the expected NPV for this new machine over ten years? what is the probability of a positive NPV?
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