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Manages regularly face the choice of increasing advertising expense or reducing price to increase sales in the Oligopoly market structure. Suppose you have the following information. • Current product price equal $24.00 • Current sales level equal 30,000 units • The advertising department expects the next $20,000 in ad spend should increase sales by 1,000 units to 31,000 while maintaining the current price of $24.00. • The finance department predicts dropping the price by $2.00 will increase sales by 3,000 to 33,000 units next year. Which action should you take next year (increase advertising or drop price)? Show your work and explain your answer Explain the basic difference in each choice with respect to the theory of consumer demand (the demand curve).
Kennywood Amusement Park spends $75,000 each year in consulting services for ride inspection and maintenance recommendations. New actuator element technology enables engineers to simulate complex computer- controlled movements in any direction. Assum..
Assuming that price of labor (L) and capital (K) are 12 and 3, respectively. One manufacturing company is facing production function given as Q = LK. What will be the input combination based on the aforementioned information to minimize the cost? Sup..
In the 1960’s a group medical practice (Health Insurance Plan or HIP) undertook a large scale randomized trial to evaluate the effectiveness of mammography. The researchers followed the subjects for five years and recorded the number of deaths due to..
Estimate the relative importance of economies of scale and comparative advantage in causing the following:Much of the world's most expensive wine comes from France.
Tom was a tall man who operated a successful restaurant that he owned. He believed that tall people commanded more respect in a restaurant. Accordingly, he never hired a waiter or waitress who was less than six feet tall. After a few inquiries, she l..
Draw a supply and demand diagram to show what happens to price, quantity, consumer surplus (CS), and producer surplus (PS) in the market for computers.
Suppose that all the necessary conditions exist for the realization of equal wage rates in every market of labor.
Describe the determinants of varying levels of income. What factors determine a wages of a person
Illustrate what will happen in the international market for gold if news of war causes buyers and sellers to expect high gold prices in the future.
If there were 30 million employed Theralanders and Theraland had a job-separation rate of 15% per month, explain how many people would find jobs each month.
The weekly demand and supply functions for seats on flights between Syracuse and Boston have been estimated as follows: Qd = 1600 - 2.5 Price + .040 Income - 4 Weather + 1.20 Pa ( where Pa is the price of alternative means of travel ) Qs = -50 + 4.25..
Suppose it takes New England two hours to produce a bushel of corn and six hours to produce a bushel of wheat. What is New England's opportunity cost of producing a bushels of corn?
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