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All the information relates to long term market adjustments.
(a) Using the concept of cross price elasticity of demand, does your firm have market power in respect to Lemon Heaven Soda? Why or why not?
(b) Explain the relationship between Cola Magic and Lemon Heaven Soda.
(c) Explain what affect a 10% increase in the income of the targetmarket would be on the demand for the Cola Magic?
(d) Your firm's accountant argues that because the demand for the Cola Magic is price elastic, the firm should drop its price. Briefly discuss this recommendation indicating if you would support this recommendation or not. What other factor(s) would have to be taken into account when giving your recommendation to management.
Determine which system, socialist or capitalist, feudalism or mercantilism, works better? Explain your reasoning? Also, which type of business gives the owner highest protection or the most incentive to succeed?
Illustrate graphically how the detergent cartel would set price and output and do you think this laundry detergent cartel with P&G and Lever will be stable for the next 5 years?
Why does rent control result in a shortage of rental units.
Assume that the book printing industry is competitive and starts in a long-run equilibrium. Make a diagram describing the typical company in the industry.
What is the Marginal Rate of Technical Substitution between labor and capital and what is the least cost method of producing the target level of output
Why does a business need to understand elasticity of demand and calculate the elasticity of demand between prices $6 to $8
Why is the government so quick to regulate monopolies and potential monopolies? What are the major concerns and evils that arise from this market structure?
How does competition affect profits and prices? What causes some firms to enter an industry, and others to leave it?
Julia must select between two different designs for preventing closure, which will be in use indefinitely. Model 1st has a life of 3-years and cost of $8000, and maintenance of $1000 every year.
Use a demand and supply model to describe the impact of occupational segregation or "crowding" on the relative wage rates and earnings of men & women.
An industry with twenty companies but the CR = 80 percent is called "high concentration", for a concentration ratio of 80 to 100% is viewed as high concentration.
Say half of the cost of producing wheat is rental cost of land (a fixed cost) and half is cost of labor and machines (a variable cost). If the average total cost of producing wheat is $8 and price of wheat is $6, what would advise the farmer to do..
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