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A television station is planning the sale of promotional DVDs. It can have the DVDs manufactured by one of two suppliers. Supplier A will charge the station a set-up fee of $1,200 plus $2 for each DVD. Supplier B has no set-up fee and will charge $4 per DVD. The station estimates its demand for the DVDs to be given by Q-1,600-200P, where P is the price in dollars and Q is the number of DVDs. (The price equation is P=8-Q/200.)
a. Assume the station plans to give the DVDs away. How many should it order? From which supplier?
b. Assume the station instead seeks to maximize profits from sales of the DVDs. What price should it charge? How many DVDs should it order from which supplier? Solve two separate problems and compare profits. Apply the Marginal Revenue (MR)=Marginal Cost (MC) rule.
Derive the firm's supply curve, expressing quantity as a function of price. Derive the market supply curve if North Carolina Textiles is one of 1,000 competitors. Calculate market supply per day at a market price of $47 per unit.
Derive a total revenue function and a marginal revenue function for the firm. Calculate the profit maximizing level of price and output for One and Only Inc.
Why do you think firm 1's marginal cost is lower than firm 2's marginal cost? Determine the current profits of the the two firms. What would happen to each firm's current profits if firm 1 reduced its price to $6 while firm continued to charge $8?
You appoint an intern from Southern University to help you examine your production process, and she uses your historical cost records to estimate that your total cost function is C(Q) = 100 + 2Q + 3Q2.
Provide the Gilbert's choices of both Bordeaux and yogurt under the following circumstances (Consider each separately):
Could you identify and describe the concepts of scarcity and opportunity costs. Also, explain the laws of supply and demand and how they are related to the concepts of scarcity and opportunity costs in decision-making.
Assume government forced a minimum wage above what otherwise would be equilibrium wage rate for this segment of the labor market.
Describe the issues, challenges, or disadvantages to forming the strategic alliance (focus on supply chain). Provide an example that is not included in attached reference.
Assume a monopolist faces the following demand curve: P = 180 - 4Q. Marginal cost of production is stable and equal to $20, and there're no fixed costs. What is the monopolist's profit maximizing level of output?
Describe how the market for corn would be influenced if ethanol, a corn derivative was used to fuel cars in US. How would market be influenced if a new technology caused corn farming to be more efficient?
The private marginal benefit for commodity X is given by 10 - X where X is the number of units consumed. The private marginal cost of producing X is constant at $5. For each unit of X produced, an external cost of $2 is imposed on members of socie..
An interesting example of strategic behavior comes from the 1997 article regarding Microsoft's investment in Apple (New Straits Times, 1997). The article is included in Required Readings list.
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