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Robinson Plastics makes clear plastic products with injection molding techniques. Their latest invention is a plastic cup with a sharp blade mounted inside to cut prescription pills into small pieces. The cup is Estimating Demand 42 placed over the pill, and as the cup is pressed down, the pill is split into pieces, and contained inside the cup. Because the cup is above the pill, persons can see how the pills are cut, and keep the pieces of the pill contained. The presumed market is pharmacies, which would then sell to customers who want to reduce dosage size. A survey of local drug manufacturers and retailers suggests that the market demand for the next year can be characterized by: Q = 2,000,000 - 100,000P + 5A where Q = unit sales, P = price in dollars, and A = advertising expenditure in dollars in trade journals and publications. Robinson is considering a price of either $1 or $2, and an advertising budget of $10,000. Robinson has estimated production cost at $.75 a unit.
a. Compute the quantity sold and elasticity at a price of $1, and also at a $2 price, assuming the given advertising budget.
b. What is the advertising elasticity at a price of $2? Give an interpretation of the advertising coefficient.
The table below shows the total cost of cleaning classrooms at various outputs: 5. Classrooms cleaned per evening 0 3 4 7 8 12 13 16 17 Total cost $100 $200 $240 $300 $330 $400 $440 $500 $600 a) Calculate fixed and variable costs of cleaning 0, 3,..
if an ammonia plant that produces 500,000 pounds per year cost $2,500,000 to construct eight years ago, what would a 1,500,000 pound per year plant cost now Suppose that the construction cost index has increased an average rate of 125
Atari needs $4.5 million in new investment capital to develop and market downloadable games software for its new GPS2-ZX system. The plan is to sell $10,000 face-value corporate bonds at a discount of $9000 now.
In 2009, the voters of Oakland, California, passed a measure to tax medical cannabis (marijuana), effectively legalizing it. In 2010, the City Council adopted regulatiuons permitting industrial-scale marijuana farms with no size limits but requiri..
Create an inverse demand of P = a - bQ, inverse demand of P = 11 - 2Q. a) Calculate the marginal revenue (MR). b) Find the quantity and price which maximize profits when marginal cost is zero (round off to two decimal places for any number that is ..
You are the city engineer and are negotioating with a land developer. The developer wants water service to a new development and you report that service can be completed this year by city crews at a cost of $200,000
Suppose a firm produces its output in two different plants. Production costs at plant 1 are given by C1 = 4(Q1)2, where Q1 is the amount of production at plant 1. The production costs at plant 2 are given by C2 = 2(Q2)2
What is the approximate after-tax IRR on a two-year project for which the first cost is $12,000, savings are $5000 in the first year and $10,000 in the second year, and taxes are at 40%
A firm uses capital and labor to produce output according to the production function q = 4pKL, for which MPL = 2 p K=L and MPK = 2 p L=K. a. If the wage w = $4 and the rental rate of capital r = $1, what is the least expensive way to produce 16 unit..
Where r = equal to Ecoland's real interest rate. Calculate, then explain, the following: Private saving Public saving National saving Investment The equilibrium real interest rate The government uses the following equation for the investment fun..
a. What is the real value of output (Q) Now assume that the Fed increases the money supply by 10 percent and velocity remains unchanged. b. If the price level remains constant, by how much will real output increase.
Knappland is at Y = Yn , ue = uen , and P = Pe. President Ewe is concerned about the upcoming election. He pushes tax cuts through the legislature. a. Use the AS-AD to illustrate the effects of the income tax cut
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