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1. You compete with many firms offering similar products (monopolistic competition). An economic consulting firm has estimated the own-price elasticity for your most profitable product is -1.50. Your marginal cost is constant at $75 across most of your production volume capability. What price will maximize profits? Show the computation.
2. Define the types of price discrimination and explain why 1st degree discrimination is very difficult to practice. Provide 1 example where a form of 1st degree discrimination is practiced. 3. Complete and label the diagram showing the numbers of seats sold and price for leisure and business passengers. Answer the following questions:
a. If the price of fuel increases modestly, will fares increase?
b. Are all seats sold? If not, wouldn't the airline make more money by selling more seats at a lower price?
4. Explain the conditions necessary for a firm to practice 3rd degree price discrimination and using airline conditions as examples. 5. Wall-Mart offers to match the price of any competitor. Why is guarantee not necessarily a benefit to consumers?
In the former Soviet economy, the supreme planning board that transmitted economic decisions down to producing and consuming units was called the
The table given below are the demand and supply schedules for television sets in Venezuela, a small country that is unable to affect world prices.
Studies indicate that net exports and net capital outflows tend to be equal. Why are net exports and net capital outflows tend to be equal? How does an increase in the price level change interest rates? How does this change in interest rates lead to ..
8. Julia's publisher sends her a $15,000 check every year that her book is in print. Suppose Julia's book is in print for five years and the inflation rate during that period is (-2) percent.
A perfectly competitive industry has an inverse demand for its output given by p Q =? 100, and its supply function is given by MC Q = + 30. The process of making Q also generates pollution, g, in the amount g Q = ? 0.5, and the total external cost of..
Edward the entrepreneur takes two hours to cut a lawn, and he cuts 1,000 lawns per year, he use solar powered equipment thw will last forever and can be sold for $20000. the interest rate is 10 perent given his current output level, compute his margi..
ECON 301 Intermediate Microeconomics Assuming diminishing marginal utility and an indifference curve with Apples on the X axis and Cheese on the Y axis, fully explain how the slope of the indifference curve measures the relative value of the goods ..
Determine whether demand is elastic, inelastic, or unit elastic with respect to its own price and whether Good Y is a substitute or a complement with respect to Good X.
Population and Individual Health Measures and Healthcare Costs in the United States" - compare the magnitude of healthcare costs in the United States to that of other developed countries.
Define the terms “individualism,” “associationalism” and “corporatism” as approaches to the political activity of business compare and contrast.
discuss the basic concepts of simple systems.identify 3 examples of simple systems. identify 3 examples of simple
question 1the demand for watermelons is highest during summer and lowest during winter. yet watermelon prices are
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