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The demand curve for a product is given by P = 400 - 1Q/3.
a. What is the own price elasticity of demand when price is $100? Is demand elastic or inelastic at this price? What would happen to the firm’s revenue if it decided to charge a price above $100?
b. What is the own price elasticity of demand when price is $300? Is demand elastic or inelastic at this price? What would happen to the firm’s revenue if it decided to charge a price below $300?
c. What price should you charge in order to maximize the firm’s revenue?
Compute the marginal cost curve for Ajax.
suppose that the capital machines in a particular plant is fixed in the short run and is equal to k 2. thus the only
We write the percentage markup of price over marginal cost as (P - MC)/P. For a profit-maximizing monopolist, how does this markup depend on the elasticity of demand? Why can this markup be viewed as a measure of monopoly power?
Think of a business firm you recently visited (such as Walmart, Home Depot, Red Lobster, Barnes & Noble, McDonald's, etc.). What motivated the producers of all the individual products in the store to make them and offer them for sale
Make sure you give complete definitions and explanations for this set of questions. When dealing with thedecrease in income, you will want to talk about the effects on thebudget constraint and the consumption bundle of the consumer.
question 1describe each of the subsequent using supply and demand diagrams.a when a cyclone hits queensland the price
What is the monopolist's profit-maximizing level of output and what price will the profit-maximizing monopolist charge?
The value of your time spent at the game
1. the production possibilities schedule showsa. the resources available to the economy.b. the maximum combinations of
"Output per worker is expected to increase by 10 percent during the next year. Therefore, wages can also increase by 10 percent with no harmful effects on employment, output prices, or employer profits." Analyze this statement.
If the Fed chooses the money supply at the same time as people are setting wages and prices, so that everyone has the same information about the state of the economy, then monetary policy cannot be used systematically to stabilize output.
Use a supply and demand diagram to illustrate the following conditions a. Cost -push inflation caused by a labor union successfully negotiating for a higher wage. b. Demand-pull inflation caused by an increase in demand for domestic products from for..
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