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Smith and Wesson have written a new managerial economics book for which they receive royalty payments of 15 percent of total revenue from sales of the book. Because their income is tied to revenue, not profit, they want to maximize total revenue. However the publisher’s objective is maximum profit. If the total revenue function is TR=100,000Q-10Q^2 and the total cost function is TC=10,000+20Q+Q^2 determine A) the output rate that will maximize total royalty revenue and the amount of royalty income hat smith and Wesson would receive. B) The output rate that would maximize profit to the publisher. Based on this rate of output, what is the amount of royalty income smith and Wesson would receive? Compare the royalty income of smith and Wesson to that determined in part (a).
An efficiency wage ____ equate the quantity demanded and quantity supplied of labor and therefore _____ be consistent with the classical economics explanation of labor markets.
Suppose a small, relatively poor country decides to pursue trade and financial sector liberalization, opening up its economy to international transactions with the rest of the world in goods, services, factor services and assets. Assume it will follo..
Construct a demographic transition plot for your country with the birth rate, death rate, and population level all on the same graph over the period 1960—2010 (there may be missing data; connect points using straight line; put population on the right..
A restaurant/bar is analyzing its pricing of beer. It has determined that the price elasticity of demand for beer is ?0.8; the cross-price elasticity for wine with respect to the price of beer is 0.9; the cross-price elasticity for appetizers is -1.4..
Suppose the market for wine in the U.S is characterized by : Calculate the deadweight loss if the U.S Imposes a prohibtive tariff per unit of imported wine.
Draw a supply and demand graph to illustrate what will happen to the rental price of an apartment after the imposition of rent controls. Do you think this policy will benefit students? Why or why not?
The advent of personal computers also word processing software which eliminated the market for electric typewriters would be an example
“Before there was Paris Hilton, there was Consuelo Vanderbilt Balsan – a Gilded Age heiress and socialite, re-nowned for her beauty and wealth. Now Ms. Balsan’s onetime Hamptons home is slated to hit the market priced at $28 million with Tim Davis of..
Suppose you bought a concert ticket from Ticketmaster for $50, but when you got to the concert scalpers (individuals who re-sell tickets at the event) were selling tickets in the same seating area as yours for $25. What is probably true?
If the price that a firm charges is higher than its ________________ cost of production for that quantity produced, then the firm will earn profits.
Elucidate what type of returns to scale does this technology represent.
Discuss some of the decisions that you must make in the short run and what might you consider to be your "fixed factor"
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