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Question: [Requires calculus] In Figure the demand facing your firm is Q = 12 - P, and total cost is C = 4Q. Q is your annual output, and P is its price. Show that your profit-maximizing output is 4 units, priced at $8 each, and that your economic profit is $16.
a. Now assume that raising marginal cost to $5 raises the demand curve by $2 at all outputs. Show that you now maximize profits by producing 4.5 units, which you sell at $9.50 each. What is the largest increase in marginal cost you will tolerate to shift the demand curve upward by $2? Explain in commonsense terms why it is less than $2.
b. Start again from the original demand and marginal cost, and assume that you can invest in advertising to inform buyers about a new use for your product. With probability 0.5 it raises the demand curve by $4 at all outputs, and with probability 0.5 it has no effect. Before considering the campaign's cost, by how much per year does expected profit increase if you undertake it?
How has this dramatic increase of information affected the relationship, both interpersonally and professionally, between purchasing agents and the sales reps calling on them?
What effect should each of the following have on the demand for gasoline in a competitive market? State what happens to demand. Explain your reasoning in each case and relate it to a demand determinant. (a) an increase in the number of cars (b) ..
In the Middle Ages, goldsmiths took in customers' deposits (gold coins) and issued receipts that functioned much like checks do today. People used the receipts as a medium of exchange. Goldsmiths also issued loans by writing additional receipts ag..
The action plan must outline 4 major image issues with its stakeholders and what steps the company can take to improve upon its image. Apply corporate social responsibility and environmental ethics in your paper.
Which of the following is a main element typically included in a "to make" cost analysis?
Nine high-blood-pressure patients were selected for the experiment, and one was randomly assigned to each of the nine drug combinations. The response observed was a drop in blood pressure over a fixed interval of time. Is this a randomized block d..
The San Francisco Giants want to boost revenues from ticket sales next season. You are hired as an economic consultant and asked to advise the Giants whether to raise or lower ticket prices next year.
a circular flow diagram that includes the government sector. for this part of your paper you should include a
Someone claim that immigration must always be good for economy because the raised supply of labor will result in a higher GDP. Estimate this statement.
Identify any variables that can be rejected as unrelated to sales and explain how trailer sales vary with changes in advertising and trailer rig income.
In the long-run, profit maximizing monopolists A. Price where MC and price are equal B. Never make positive economic profits C. Produce where average total costs are minimized
What percentage nonetheless did order City of Bones - What do you think of George's policy - Who has the higher average salaries, men or women?
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