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Suppose the demand function for the Toyota Camry is given by Qd = 500 -12PC + 10PH - 5PG + 0.0001M, where PC is the price of the Toyota Camry (in thousands), PH is the price of the Honda Accord (in thousands), PG is the price of gas (per gallon) and M is income. Further, suppose the supply curve for the Toyota Camry is given by Qs = 20PC - 55.
a. What is the demand curve for the Toyota Camry if the price of the Accord is $25,000, gas is $2 per gallon and income is $50,000?
b. What is the equilibrium price and quantity in the market for Toyota Camrys?
c. Is demand elastic or inelastic at the equilibrium price?
d. What is the cross price elasticity of demand at equilibrium?
e. What is the income elasticity of demand for Camrys at equilibrium?
A pure monopolist determines that at the current level of output the marginal cost of production is $2, average variable costs are $2.75, and average total costs are $2.95.
Assume there are no other costs of seeing either performer. Based on this information, what is the opportunity cost of seeing Eric Clapton?
You were recently hired as a MANAGER of a company (a firm) that is facing a number of managerial issues and subsequently finding it difficult to make economic profit.
Following are the Production Function: Q = 72X + 15X2 - X3, where Q = Output and X = Input The Marginal Product and Average Product when X = 6 are;
1.Do any groups of people gain from inflation?
The Herschel Candy Corporation produces a single product, a chocolate almond bar that sells for $.40 each bar. The variable expenses for each bar total $.25.
Assume the Kalamazoo Competition free Concrete's demand function is D=5,000-50P, its marginal cost is 40 dollar per cubic yard,
1.What are the potential costs and benefits of mergers to (a) shareholders; (b) managers; (c) customers?
Describe the circumstances under which a firm chooses a low-cost strategy to attain sustainable competitive advantage. What about the situations when a differentiation strategy is chosen? Provide specific real world examples.
Under what circumstances would a rightward shift in the ADI curve lead to a permanent increase in real national income?
Is a "perfectly competitive market" an efficient mechanism for the allocation of scarce resources? When it is, explain why. When it is not, document reasons for either inefficient or undesirable outcomes.
A new manager recently was given an project to make two possible wage schemes for a design firm. The manager came up with the following packages:
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