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Suppose you are the manager for a firm that has a monopoly on the product you produce and sell. Market research has shown that the demand by a typical customer for the product you sell is given by:
Assume you have no fixed costs. From your production department, you are told that the variable costs of production are given by:
a. If you decide to offer the product for sale to all buyers at a single price, what price will you charge and how much will you sell to a typical customer?
b. What profits per consumer will the firm earn under this pricing strategy?
c. Now suppose you decide to use a simple block pricing strategy whereby you offer your product as a single package of a predetermined number of units. How much will you sell to a typical customer? (Hint: What is the optimal bundle size?)
d. What price per consumer will the firm charge under this pricing strategy?
e. Compare the profits under the two pricing strategies. Comment on the comparison.
Evidence suggests that there is less price competition in an oligopoly than other forms of market structure. Why is this the case?
What will be the effect of this change in policy on both the real and the nominal interest rate in the long - run?
Rise in the price of TV sets in Japan also depreciation of the dollar lead to a total increase of 9 percent in the dollar price of imported.
1. a relaxation of u.s. immirgration laws and regulations woulda. further reduce wages in poorer countriesb. turn
University of Florida engineering students are planning operating a mobile car clinic in Gainesville, Florida, during their summer break. This is an option to summer employment stacking plastic cups
Assume you are the manager of a California winery. How would you expect the following events to affect price you will receive for a bottle of wine?
Explain why is private property and the protection of property rights, so crucial to the success of the market system.
Y = 20000 + 4000X. What would be the estimated value for the average increase in income from going to college for four years versus going to work directly out of high school?
You are Secretary of the Treasury Jack Lew. It's six months into Obama's second term as president and you receive some estimates of national accounts numbers you plan to report to the President in a cabinet meeting. Under one set of expectations..
Give me some information on taxing pollution. Discuss it using the ideas of externality, supply, and demand. How do we determine the optimal level of pollution? Is the optimal level of pollution zero Why or why not
In the US, steel production has remained constant since the 1970s at about 100 million tons per year. Large integrated companies, like United State Steel, remain important in the industry, but roughly 50%.
it has been a tough year in the poultry business with supply outpacing demand and feed-grain prices rising
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