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Calculate the point elasticity of demand for a drug when the average income in the community equals 50,000 and price of the drug is 400 demand function is q=40-.8(p)+.02(y)
A price consumption curve and a demand curve an individual demand curve and a market demand curve
The makers of Tylenol pain reliever do a lot of advertising and have very loyal customers. In contrast, the makers of generic acetaminophen do no advertising, and their customers shop only for the lowest price
Many retail companies use mark up pricing? Setting price some percentage above variable cost (such as 50% above cost).
What is the net present value of this proposed project? If efficiency was the only objective for making the decision and we have fully accounted for all costs and benefits would you recommend the project go ahead or not?
IT would place more of a burden on the producers in the short run as frictional unemployment would result, but it would also take a heavy burden off the consumers purchasing the rice. would the frictional unemployment cause the net welfare to decre..
Suppose that the total benefit and total cost from an activity are, respectively, given by the following equations: B(Q) = 150 + 28Q – 5Q2 and C(Q) = 100 + 8Q. (Note: MB(Q) = 28 – 10Q and MC(Q) = 8.)
The widget industry is currently a monopoly facing the demand curve P=200-20Q, where Q is total industry output. Firm 1 is the monopolist and has a marginal cost of $20. Firm 2 is a potential entrant and must pay $130 up front to enter. Once it pa..
Consider the following problem: There are two generators in this system and there is a load of 1,000MW. There is only one node in this network.
Do you think Wrigley's will raise or lower their total Revenue by raising prices? Explain your answer using my favorite term - ELASTICITY. If Wrigley raises the price, he will lower their total revenue because in order to increase the total revenu..
perfect competitionthe meat-processing industry in hungary is perfectly competitive and there are two types of firms
Calculate the marginal and average variable product of each unit of labor input. Hint: plot your Units of labor and Units of Output vertically. Calculate total, average total, average variable, and marginal costs.
David is horrified to see that the value of his favorite beverage has raised. Determine which of the following would unequivocally be responsible for this value raise?
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