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A city has two newspapers. Demand for either paper depends on its own price and the price of its rival. Demand functions for paper A & B respectively, measured in tens of thousands of subscriptions are
21 - 2PA + PB and 21 + PA - 2PB
The marginal cost of printing and distributing an extra paper just equals the extra advertising revenue one gets from another reader, so each paper treats Marginal costs as zero. Each paper maximizes its revenue assuming that the other's price is independent of its own choice of price. If the paper enter a joint operating agreement where they set prices to maximize total revenue, by how much will newspaper prices rise?
How does economic theory contribute to managerial decisions?
Cheap Labour It is often argued that the economy must be protected from imports which are produced with cheap, or 'sweated", labour. Some people argue that buying foreign
what is the role of managerial economics in running a business?
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Explain the concept of externality in economics? Give one example of a positive and a negative externality in Australia.
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limitations of managerial ecomomics
How we can measure Elasticity of demand Though a manager requires an exact measure of this relationship for appropriate business decisions. Elasticity of demand is a measure t
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