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The American Baker’s Association reports that annual sales of bakery goods last year rose 15 percent, driven by a 50 percent increase in the demand for bran muffins. Most of the increase was attributed to a report that diets rich in bran help prevent certain types of cancer. You are the manager of a bakery that produces and packages gourmet bran muffins, and you currently sell bran muffins in packages of three. However, as a result of this new report, a typical consumer’s inverse demand for your bran muffins is now P = 12 - 1.5Q. If your cost of producing bran muffins is C(Q) = 4.5Q, determine the optimal number of bran muffins to sell in a single package and the optimal package price. Instruction: Round your answer for the optimal package price to two decimal places.
Optimal package size:
units Optimal package price: $
The United States purchased Alaska in 1867 for $7,200,000. Assume that federal tax revenue from the state of Alaska (net federal expenditures) is $56,500,000 in 2018 and that tax revenue started in 1868 and has steadily increased by 3% annually since..
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When diminishing marginal returns set in total product:
_causes an increase in the quantity of apples demanded.
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There are economies of scale in ranching, especially with regard to fencing land. Suppose that barbed-wire fencing costs $21,000 per mile to set up. Instructions: Enter your answers as whole numbers. Which is more costly—fencing in the four, one-squa..
What makes relative PPP a useful guide for predicting exchange rate movements over the long-run? Would this effect your incentive to cover your exchange rate risk? Explain
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