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You own a pharmaceutical company that is specialized in the manufacture of medicine for smokers. You newly patented an innovative drug called Clealung, which drastically reduces the smokers' likelihood of lung cancer. You are the only maker of the medicine and there are no same products in the market. Your costs for producing Clealung can be explained by:
a) Write down your firm's profits in two ways: (i) as a function of the price per box and (ii) in terms of the quantity.
b) Maximize both profit functions, and illustrate that in both cases ??MR=MC at the optimum. In addition, compute the profit.
Drafting of Price Policy: Demand forecasts assist the management to prepare a few appropriate pricing systems, so that level of price doesn't fall and rise to a great extent at th
You have recently gained employment with a computer consultancy company. Due to your specialist knowledge in the areas of Human Factors and usability, your manager considers that y
I would like to get the answer to the question - Weston Industrial Manufacturing Products ("WIMP") has the capability to produce a variety of industrial products, including a numb
TRADE UNIONS Trade unions are workers' organizations whose objective is to protect the interests of their members. Functions i. To bargain on behalf of their mem
State the types of demand elasticity Income Elasticity: Elasticity of demand with respect to change in consumer's income. Price Expectation Elasticity of Demand: Elast
Relationship between AC, AVC, AFC and MC is elucidated graphically by drawing respective cost curves in Figure below. Behaviour of cost curves is elucidated below. Figure:
Technically Efficient Method of Production Let's suppose that commodity X is produced by two methods by employing capital and labour: Factor inputs Met
Drafting of Production Policy: Demand forecasts assists in drafting appropriate production policy so that there may not be any space between future demand and supply of a product.
Other Determinants 1. Rate of Interest Is contained in the argument of the classified economists who argued that rational consumers will save more and consume les
Let consider the following game among an employer (Katharine) and an employee (Kevin). Katharine needs Kevin to work hard rather than loaf around and that is why she considers spe
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