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Based on historical data regarding sales, War Games management forecasts demand for the game to be P = 50 - 0.002Q, where Q denotes unit sales /year, & P denotes price in dollars. The cost of m
Provide two carefully labeled graphs, one that shows (i) the initial long run equilibrium in the widget industry and another one that shows (ii) the initial long run equilibrium for the typical firm
Calculate the output and price of paper if it is produced under competitive conditions and no attempt is made to monitor or regulate the dumping of effluent. Graph this situation and label all funct
1. Evaluate the wisdom of the firm's pricing policy. 2. A marketing specialist says that the price elasticity of demand for the firm's product is -1.0. Is this correct?
Determine your optimal pricing strategy if you and your rival believe that the new Jeep is a "special edition" that will be sold only for one year.
I am having trouble in answering the given questions to the problem illustated below. I am required to: (1) Analyze the problem using a decision tree, and (2) Determine the Maximin Alternative
a. What is the equilibrium price in this market with no government intervention? Show your work. b. What is the equilibrium quantity in this market? Show your work.
Consider a market characterized by the following inverse demand and supply functions: PX = 10 - 2QX and PX = 2 + 2QX? Compute the number of units and the price at which those units will be exchanged
Draw a diagram showing the cost structure of a price taker and a market price well above minimum average cost. Given that any firm is a price taker, how can a firm capture any economic rent (profits
Problem: If the demand for farm products were elastic rather than inelastic, would the good/bad paradox still exist? Why or why not.
In this simulation, the learner studies the cost and revenue curves in different market structures perfect competition, monopoly, monopolistic competition, or oligopoly faced by a freight transporta
Two partners who owns IT Business Solutions, a company supplying specialist software, operate out of an office in Fourways, Johannesburg but have discovered a vacant office building close to Sandton
Could you identify and describe the concepts of scarcity and opportunity costs. Also, explain the laws of supply and demand and how they are related to the concepts of scarcity and opportunity costs
a) Estimate the number of cups served per week and determine outlet demand curve. b) What would be the effect of a $5000 increase in the competitors' advertisement expenditure and outlet demand curve
1) At what average monthly fee would demand equal zero? 2) At what average monthly fee would supply equal zero? 3) Plot the supply and demand curves.
Task: For each of the following changes, show the effect on the supply curve, and state what will happen to market equilibrium price and quantity in the short run.
Q1. Calculate the equilibrium price of guitars and the equilibrium quantity of guitars in State College. Show your work.
You do not need to have actual numbers on this graph, but you should clearly indicate how the increase in the price of gasoline will affect the market for hybrid vehicles, and what will happen to th
Question 1. If you decided to price high, what would be your expected profits per unit? Question 2. If you decided to price low, what would be your expected profits per unit?
Define diminishing marginal returns. Define marginal product. Explain why diminishing returns occur.
Problem: Please discuss the price elasticity of demand and productivity (considering the law of diminishing return) for Pepsi.
Problem: Is the agricultural industry perfectly competitive? Use economic rationale to explain why or why not?
Consumers' income per capita is expected to be $20,000 and total fixed cost is $100,000. 1. How many carpets should the firm produce in order to maximize profit? 2. What is the profit-maximizing price
1) Is this a legitimate cost function? 2) Find the firm's production function, y= f(x1, x2). 3) From the cost function derive the firm's conditional (output constant) demand function x1(w,y).
Discuss the benefits and drawbacks of dynamic pricing for that particular company. Conclude with a summary of your findings (Perloff, 2007).