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Gina Picaretto is production manager at the Rich Manufacturing Company. Each year her unit buys up to 100,000 machine parts from Bhagat Incorporated. The contract specifies that Rich will pay Bhagat its production costs plus a $5 markup (cost- plus pricing). Currently, Bhagat's costs per part are $10 for labor and $10 for other costs. Thus the current price is $25 per part. The contract provides an option to Rich to buy up to 100,000 parts at this price. It must purchase a minimum volume of 50,000 pasts. Bhagat's workforce is heavily unionized. During recent contract negotiations, Bhagat agreed to a 30 percent raise for workers. In this labor contract, wages and benefits are specified. However, Bhagat is free to choose the quantity of labor it employs. Bhagat has announced a $3 price increase for its machine parts. This figure represents the projected $3 increase in labor costs due to its new union contract. It is Gina's responsibility to evaluate this announcement. 3. Should Gina contest the price increase? Explain.
Imagine that there are 1,000 consumers. For each consumer, the willingness to pay for a widget is distributed uniformly over the interval [0,1] depending on the style of the widget. A retailer with a particular study of the good knows this distributi..
Suppose that the U.S. government decides to charge wine producers a tax. Before the tax, 35,000 bottles of wine were sold every week at a price of $7 per bottle. After the tax, 30,000 bottles of wine are sold every week; consumers pay $9 per bottle, ..
To differentiate its product a monopolistic competitive firm will engage in all of the following advertising practices EXCEPT
Of the two theories Tobin theory and Keynes theory which of the following can best fit the real world.
The various estates in land described by the author of your text in Chapter 3 arose mostly out of the struggle between the English Crown’s need for revenue and the efforts of the holders of the land to avoid taxes. Are these estates useful in this da..
Write the budget equation that Kingsley faces. Sketch the graph of Kingsley’s budget line for goods X and Y. Write the equation of the budget line in slope-intercept form. Identify the slope. Find the marginal utility for goods 1 and 2.Determine the ..
Distinguish between interindustry and intraindustry trade, providing examples of each. Offer possible explanations for interindustry and intraindustry trade.
Why does the assumption of independence of risks matter in the examples of insurance.
Firms can have: Accounting profits and economic losses, Accounting profits and economic profits, Accounting losses and economic losses, Accounting losses and economic profits.
Assume that major wheat producers in the world increased their land under wheat by 30 percent. Graphically show the effect of increase in land under wheat on the grain market.
If your nominal rate of return is 14.38 percent and your real rate of return is 4.97 percent, what is the inflation rate?
Let us suppose for the United States that, currently, the monetary base is $100 billion, the currency-deposit ratio is c = 50%, the excess reserves-deposit ratio is e = 1%, and the reserve-deposit ratio (or reserve requirement ratio) is r = 8%. Calcu..
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