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The American Baker’s Association reports that annual sales of bakery goods last year rose 15%, driven by a 50% increase in the demand for bran muffins. Most of the increase was attributed to a report that diets rich in bran help prevent certain types of cancer. You are the manager of a bakery that produces and packages gourmet bran muffins, and you currently sell bran muffins in packages of three. However, as a result of a new report a typical consumer’s inverse demand for your bran muffins is now
P = 3 - .5Q. If your cost of producing bran muffins is C (Q) = Q and your MC = 1,
Determine the optimal number of bran muffins to sell in a single package.
Draw the demand and cost curves.
What are the two parts of the price?
What is the optimal package price?
Suppose the price elasticity of demand for heating oil is 0.2. If the price of heating oil rises from $1.80 to $2.20 per gallon, what happens to the quantity of the heating oil demanded? use the mid-point method.
OPEC successfully raised the world price of oil in the 1970s and early 1980s, primarily due to:
The Einstein Bagel Corp. has used a frequent buyer program whereby a consumer receives a stamp each time she purchases one dozen bagels for $6. After a consumer accrues 10 stamps, she receives one dozen bagels free. If the opportunity set has any kin..
If demand shifts left and supply shifts right, then we know that. A demand curve for beans will shift right if. Demand will be more elastic if
When Clara totalled her scores, she inadvertently reversed the units digit and the tens digit of one score. By which of the following might her incorrect sum have differed from the correct one?
Explain four macroeconomics objective from conventional perspective
Gatekeeper models of MCOs require patients to see a primary care doctor before going to see a specialist. What two key economic principles would be involved in a successful gatekeeper program?
Elasticity shows the responsiveness of supply or demand to changes in price. What are the factors exerting influence on price elasticities of supply and demand? Think of another good that you have purchased recently (or you could continue with the go..
Illustrate what happens if the insurance plan reduces the deductible to zero. What happens if the coinsurance rate is increased.
Illustrate what are the major similarities also differences among the name-your-own-cost model also the electronic tendering system.
You are an efficiency expert hired by a manufacturing firm that uses K and E as inputs. The production function for a competitive firm is Q = K1/2 E1/2. The firm sells its output at a price of $32, and can hire labor at a wage of $12.44 per hour. In ..
q1. qd680-9p0.006m-4pr where m is income and pr is the cost of a related good. from this relationship it is apparent
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