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The marketing manager has estimated the company’s demand curve with the equation P=3000 – 40Q. To develop a deeper understanding of pricing and quantity to be produced, complete the following analyses: 1. Draw the demand curve use a range of Q values from 20 to 60. 2. Calculate revenue variation with quantity and determine the price that maximizes revenue. 3. Calculate price elasticity of demand. At what quantity the demand is unit-elastic? Identify the elastic and inelastic range for demand. 4. What price and quantity would you recommend to your CEO?
Supporter of free market systems discuss that free enterprise leads to more efficient production and better response to changing customers preferences.
In 2007 the U.S. was faced with two events. At the beginning of 2007, oil prices more than doubled. A financial crisis hit the economy starting in August 2007 causing a reduction in consumer and business spending. These events led to a rise in th..
Suppose the consumption function is c = $400 billion + 0.8y and the government wants to stimulate the economy. By how much will aggeregate demand at current prices shift initially (before multiplier effects) with A $50 billion increase in governm..
The statement best describes the economics of Caribbean South America the people of the region largely survive on subsistence farming while national industries focus on mining and oil drilling.
how does charging the monopoly a specific tax of 10 per unit affect the monopoly optimum and the welfare of consumers, the monopoly and society?
Find the total product, average product and marginal product for integer values of L from 1 to 9. Plot the total product on a graph and the average and marginal product on another as shown in class.
When a household buys a new house, does that represent consumption, saving, or investment? What factors may influence a household when deciding between buying stocks, bonds, or a house?
Alcohol is illegal in dorms at ACME college. Why are students more likely to sneak in a couple bottles of, say, tequila, rather than cases of beer even though most would rather drink beer than tequila
The following is the production possibilities for a firm. At 0 labor units (strangely enough), there are 0 units produced. At 1 labor unit, there are 10,000 units produced, at 2 labor units, there are 25,000 units produced, at 3 there are 45,000, ..
Your are the chief economic advisor to the King of Terra. The king has observed that while the price of energy has increased 20 percent over the past five years, consumers have actually increased their energy consumption by 10 percent over the sam..
You have won the lottery. There are two ways which you can receive your prize. You can either have 1 million in cash now, or you can have 1.2 million that is paid out as follows: $300,000 now, $300,000 in one year's time, $300,000 in two years' ..
What are three main factors of production? Who are the main economic decision makers in a Markey system? Can firms and households resolve problems by cooperating with each other?
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