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Price Leadership. Leading People Magazine is a dominant price leading firm in the popular celebrity news magazine market. Moonlighting and National Inquest are competing news magazines that address the same audience. Total and marginal cost relations for each magazine are: Leading People TCL = $12,500 - $1QL + $0.000005QL2 MCL = ∂TCL/∂QL = -$1 + $0.00001QL Moonlighting TCM = $10,000 + $0.5QM + $0.00005QM2 MCM = ∂TCM/∂QM = $0.5 + $0.0001QM National Inquest TCN = $50,000 + $1.25QN + $0.000025QN2 MCN = ∂TCN/∂QN = $1.25 + $0.00005QN and the industry demand curve is: QD = 170,000 - 20,000P Assume throughout this problem that Moonlighting and National Inquest are perfect substitutes for Leading People magazine. Calculate optimal supply for Moonlighting.
What is consumer surplus?
Suppose you are the manager of a home-building company and the government is considering eliminating the deduct-ability of mortgage payments interest.
Identify a job that you really like then identify a job that you disliked and wanted to quit. Assess both jobs in terms of the freedom you were given to make decisions.
Using production possibility frontiers, illustrate the effects of a) an increase in total resources; b) an improvement in the technology for producing one of the goods under consideration; c) a simultaneous improvement in the technologies for produci..
Assume that Erin now has preferences such that she prefers the cash gift. Using a separate graph from part (a), graph Erin's optimal choice before and after gift.
Consider the market for automobiles, and draw representative supply and demand curves. Suppose that the price of gasoline rises, and at the same time, the price of steel (an input to automobile production) falls. Show this on your graph. If you have ..
What is happening to the value of the U.S. dollar these days? What causes the value of the U.S. dollar to rise or fall? Who demands U.S. dollar? Who supplies U.S. dollar? When we purchase German products, does our demand for euro go up or down? What ..
Suppose a network has been developed for a project where T=38 months and \alpha {^2}=7 months. Find the probability that the project will be completed within 40 months, using (a) the standard normal tables and (b) a spreadsheet.
Customers arrive at a movie theater at the advertised movie time only to find that they have to sit through several previews and prepreview ads before the movie starts. Many complain that the time devoted to previews is too long (The Wall Street Jour..
If one defines incremental cost as the change in total cost resulting from a decision, and incremental revenue as the change in total revenue resulting from a decision, any business decision is profitable.
Testifying at a price fixing trial involving Cargill Corp. and the market for chicken growth hormone, (in which the Cargill is one of only three firms worldwide), an executive for Perdue said: "It's an oligopoly. When one (firm) changes price, they a..
calculate the price elasticity of demand for each product and compare with your teammates' elasticities.
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