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How do i start thisYou are an economist for the Vanda-Laye Corporation, which produces and distributes outdoor cooking supplies. The company has come under new ownership and management and will be undergoing changes in its product lines and operating structure. As an economist, your responsibilities include examining the market factors that affect success or failure of a product, including the supply and demand for the product, market conditions, and the behavior of competitors with similar products. Your supervisor, Jorge, has assigned you the task of evaluating a new product. The new product, oven mittens, has several competitors in the marketplace, but your company will be using a new patented material that provides protection from heat and maintains a great deal of flexibility. The supply and demand functions for oven mittens are as follows: Qd = 45 - 6.9P Qs = -15 + 10P where Qd is the quantity demanded, Qs the quantity supplied, and P the price. Tasks: Jorge has asked you to research the market and provide detailed responses to the following questions: • What is the equilibrium price and quantity for oven mittens? Using Microsoft Excel, construct a table that shows the quantity demanded, the quantity supplied, and the surplus or shortage associated with prices from $2 to $5.55. (Use appropriate intervals.) Indicate the level at which equilibrium is achieved. Graph the data, indicating the equilibrium level and the areas of shortage or surplus.
• What will happen to the demand curve for the product if the following changes occur? Answer separately for each change, assuming each event to be independent of the other: o The price of the substitute Good A increases. o The price of the complementary Good C increases. This is what I have so far do I need to do something else with the equation above???? Average price Supply Demand Surplus/Shortage $2.00 $2.50 $3.00 $3.50 $4.00 $4.50
For a given price P =$5, AVC = 3 and FC =20000, what is the DOL if the manufacturer id producing 15000 units. Using the DOL value calculated above what is the profits for a 10% increase and a 10% decrease.
Compute real GDP for 2004 and 2005 using 2004 prices. By what percent did real GDP grow? Compute the value of the price index for GDP for 2005 using 2004 as the base year. By what percent did prices increase?
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How does price elasticity of demand affect how much of a tax is passed on to the consumer and how much is absorbed by the seller. Show the effect with graphs.
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joe smith is a 27- year-old caucasian male who works two part-time jobs for two different construction companies. joe
Why is knowing (or estimating) the product demand so crucial for a firm? In your response, include an example of a U.S. business that has suffered from poorly estimating the demand of its products.
Over what range will changes in marginal cost have no effect on CDW’s profit-maximizing level of output?
anbsp what is meant by the concept of a standard of living?b what are the difficulties in measuring this within one
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