Relationship between elasticity of demand and revenue
Problem: Is there a relationship between the elasticity of demand and revenue? Explain.
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Question: Define opportunity costs, accounting costs and economics costs. Solve this problem:
Economists are often criticized for making assumptions. Why are assumptions necessary? To think about this, you might consider an assumption that is often made: people are ratonal.
Suppose nominal GDP of $566 billion in 1992, $600 billion in 1993, and $642 billion in 1994. If 1992 is the base year, the price index is 105 in 1993, and real growth in 1994 is 3 percent, what is the price index in 1994?
a) What is the economic life of the machine? b) What is the equivalent annual cost over that life? Now assume that the MARR is 5%. c) What is the economic life of the machine?
a. Compute the marginal cost curve for Ajax b. Given Ajax's pricing strategy, what is the marginal revenue function for Ajax?
Evaluate the impact of the price cut on the (i) total revenue and (ii) contribution margin of Model A. Based on this analysis, should the firm lower the price of Model A?
RCMP (pertaining to the first problem in part b) can forecast demand for its products for only three years in advance. The salvage value after three years is $40000 for model T and $80000 for model A. Using the study period method, which of the th
He needs to know how much money his car will add to his stash for his trip when he sells it three years from now. Use the declining-balance depreciation method to tell him.
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