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The owner of a monopoly firm which produces and sells computers hires you as the manager of the firm. He asks your opinion on how much to mark up the price over marginal cost (MC) given that the firm's objective is to maximize its profits. The only information that the owner provides you is the magnitude of the price elasticity of the demand for its computers which is (-8). How much do you recommend this firm to mark up (MUP) its price relative to its MC? (i.e., calculate MUP=[(P-MC)/MC]. Please show your calculation and formulas to support your recommendation.
The difference between a monopsonist and a monopolist is that. In a perfectly competitive output market, the value of the marginal product of a resource is
Edmund has the utility function U(x, y) = 2xy + 1. The prices of x and y are both $1 and Edmund has an income of $20. How much of each good will he demand? A tax is placed on x so that it now costs Edmund $2 while his income and the price of y stay t..
Two important policy goals of the government and the Fed are to keep unemployment and inflation low, while at the same time making sure that GDP is increasing at an average of 3% per year. Assume that the country is in a budget deficit and carrying a..
The city of Sheffield, England, has long been associated with the manufacture of high-quality steel and steel products. A Sheffield thwytel [knife] was even mentioned by Chaucer back in the 14th century.
You purchased a commercial building on August 1, 2003 that you are renting to a business. The total purchase price was $140,000. You estimate that the value of the lot is $150,000 of the total purchase price. You plan to sell the building on May 30, ..
Employees bear the cost and earn the returns on investments in general training and employers bear the cost and earn the return on specific training. Is this statement true, false, or uncertain? Give an economic justification for your answer.
Why is their a growing disparity between the rich and poor in the US? What are some of the reasons for this and what should the government do to bring about growing equality with income? Do we as citizens have an ethical responsibility to help the po..
The Wall Street Journal's experience after an increased its price to 75 cents. Illustrate what implicit assumptions are the publisher and the analyst making about the price elasticity.
Adam Smith discussed how nations could benefit from trade, known as absolute advantage. What was David Ricardo’s improvement on Smith’s theory? How does it differ?
Elucidate the concepts of Comparative and Absolute Advantage. Compute the opportunity cost for each country.
q1. why do proponents of active policy recommend government intervention to close an expansionary gap? briefly
Conclude a price range where there might be a mutually beneficial insurance contract.
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