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You are the owner of a local Honda dealership. Unlike other dealerships in the area, you take pride in your "No Haggle" sales policy. Last year, your dealership earned record profits of $1.9 million. In your market, you compete against two other dealers, and the market-level price elasticity of demand for midsized Honda automobiles is -1.2. In each of the last five years, your dealership has sold more midsized automobiles than any other Honda dealership in the nation. This entitled your dealership to an additional 40 percent off the manufacturer's suggested retail price (MSRP) in each year. Taking this into account, your marginal cost of a midsized automobile is $11,000.
What price should you charge for a midsized automobile if you expect to maintain your record sales?
Instruction: Round your answer to two decimal places.
Wolfe and Baker are the ONLY two firms producing door stopers because of such a small market in their area and both firms are profit maximizing. They have a marginal cost (MC) of $8 and have NO fixed cost (FC = $0). On graph created above, mark the ..
Essay Question: Use the Theory of Economic Development to explain transformations in the US economy today. You will need to do some additional research to discover some examples to illuminate that theory
Demand curve is d1, what will be the change in her revenue. If her demand curve is d2 what will be the change in her revenue.
In the context of criminal law, discuss the comparative advantages and disadvan- tages of the following pairs: Fines Vs. Probability of ‘Detection and Punishment.’Fines Vs. Prisons. Maximum-but-Uniform fine Vs. Incremental-Fine
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The effect on the economy of tax reduction and simplification is
If you were the angel investor, what is your certainty equivalent for these two projects? Are you risk-averse, risk-neutral, or risk-lover?
A firm's cost-reduction strategies may span multiple stages, from acquisition of production input factors to product service and maintenance. When seeking to lower cost in the short term, firms should
Compare and contrast the effects of a quota and a tariff on imports. Be sure to include both short-run and long-run effects in your answer. Differentiate between the current account balance and the capital account balance.
Why doesn’t the U.S. simply restrict all goods coming in from China? Why can’t the U.S. just minimize the amount of imports coming in from all other countries?
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