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Which of the following statements is correct
It is not possible to maximize profits by using a markup pricing strategy.
To maximize profit, a firm should apply a uniform markup to each product it sells.
Using markup pricing is more complicated than simply setting price equal to marginal cost.
The profit-maximizing firm's ability to mark up price over average cost is limited by the price elasticity of demand for the product in question.
Alternative A has a first cost of $20,000, an operating cost of $9,000 per year, and a $5,000 salvage value after 5 years. Alternative B will cost $35,000 with an operating cost of $4,000 per year and a salvage value of $7,000 after 5 years. At an MA..
A petroleum refining and recovery service company, Cowboy Enterprises, purchased $13,790 worth of equipment for reconditioning fuels in its storage tanks. The equipment has a functional life of 14 years and a salvage value of 5% of the purchased pric..
Name three industries where the perfectly competitive model would be the most beneficial in analyzing behavior. Be sure to support your choices.
what price will the firm charge to maximize its profits? what are total profits? Would a 50% tax on profits alter the firms output? by what amount and why?
Leon Festinger's social comparison theory suggests that we compare ourselves to members of a reference group in order to assess our own behavior. What does your choice of reference groups tell you about the concept of social comparison?
Saint and Lewis Investment Management (SLIM) Inc. is considering purchasing bonds to be issued by Caterpilar Inc. The bonds have a face value of $10,000 and a coupon rate of 6%. The bonds will mature 10 years after they are issued. The issue price is..
The world has gone through several different international financial orders (for instance the Brenton Woods order, then the IMF) over past 100 years. Explain how each one came into being and why the order eventually ran into difficulties and was susp..
Home has 3,600 units of labor available. It can produce two goods, shirts and pants. The unit labor requirement in shirt production is 4, while in pants production it is 6. There is another country, Foreign, with a labor force of 2,400. Foreign’s uni..
Constrained Optimization in Economics 2. Minimize costs for a firm with a cost function Subject to the production quota
10 consumers, ranked by their value for a network product v = 1...10, are deciding whether to connect to the network. If there are n people on the network, including oneself, then a consumer's willingness to pay equals n x v. What is the highest pric..
Suppose the production function is Cobb-Douglas, y = x 1/2 1 x 3/2 2. What is the technical rate of substitution? Does this technology demonstrate increasing, decreasing or constant returns to scale?
Do you believe the rise of globalization has caused the outsourcing of manufacturing jobs within the United States, or is this a natural progression due to the technological era we are in?
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