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For each of the linear demand function p = -6q + 540 Calculate the price elasticity and write it only as a function of q, Calculate the marginal revenue, Draw demand and marginal revenue together on 1 graph. Show that the expected relationship between elasticity and marginal revenue holds.
Explain how a group of nations could develop a cartel to maximize their profits of COFFEE. Be sure to address natural resources and/or factor endowments that could be leveraged in the creation of the cartel.
q.covington corporation purchased a vibratory finishing machine for 20000 in year 0. the useful life of the machine is
After a month, the store clerk informs you that the same crate of wine now costs $82. However, there are 7 bottles in a crate. To the nearest cent, determine the average cost of the crate from last month to now.
Barb age 25, files as a single taxpayer. She is employed at a monthly salary of $2,150. She claims no dependents. Her employer withheld $1,600 from her wages for income taxes for 12 months' of work. Compute of Barb’s income tax due to or from the IRS..
Demand curve is P=-Q+90 and the supply curve is P=0.5Q. Find equilibrium price and quantity. What’s the level of total expenditure in the market? What’s the price elasticity of demand at the equilibrium?
Classify each of the following pricing strategies and explain. A local restaurant offers an "all you can eat" salad bar for $3.49.
Suppose the elderly as a group manage to lobby Congress successfully for a one-time wealth transfer, “paid for” by a tax on younger workers. Assume the elderly have a remaining life-expectancy of 10 years (over which the transfer will be spread), and..
A small town is served by two grocery stores, White and Gray. Each store must decide whether it will remain open on Sunday or whether it will close on that day. Which firm is the more profitable in this market? Does the firm you identified as more pr..
In response to the recession of 2008, the US Federal Reserve Bank made several efforts to increase banks excess reserves, decrease interest rates for lending, and increase lending. These "extraordinary measures" have been somewhat controversial (at l..
Assume a world consists of only two countries: Latvia and Bulgaria, which can produce only two goods: lemons and beef. Latvia can produce 1000 tons of lemons or 500 tons of beef or any linear combination of lemons and beef that satisfies lemons+2×bee..
Explain WHY profits are maximized or losses minimized at the level of output where marginal revenue equals marginal cost.
Find the output you should produce in order to maximize your expected profits so that you can then determine your expected profits accurately.
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