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Competitive industry, market determined price =$12, Output = 50 units, ATC = $10, Marginal cost = $15, AVC = $7
Is this firm making the right profit maximizing decision? If yes, why and if not, what should this firm do?
Suppose your product is Wendy's hamburgers. First "draw" the demand and suppy curve and see how the equilibrium price and quantity is determeined.
Give an example of how you would use this information to set the price for your product in the market place and explain one factor in detail about how shifting demand and supply curves makes market demand estimation difficult
Write down the difference between Equilibrium price and Equilibrium quantity. What role does elasticity place?
Compute the price elasticity of demand using the point formula for Px = 20 and Py = 10. Determine whether demand is elastic, inelastic, or unit elastic with respect to its own price and whether Good Y is a substitute or a complement with respect t..
Why do you think it is important for managers to understand the mechanics of supply and demand both in the short run and in the long run?
Which of the following changes to fiscal stimulus package of 2009 for $862 billion (under the bill called American Recovery and Reinvestment Act of 2009) would have a larger overall impact on AD? Explain your answer with credible logic and analysi..
Define the term "opportunity cost." Now that you have a definition of opportunity cost weigh the positives and negatives of taking a leave of absence from work and moving out of town to attend college full time, or maintaining your job while atten..
Assume that as the result of recent labor negotiation, wage rates are reduced by 10% in the production procedure employing only capital and labor.
Do you agree that the only way to raise equilibrium quantity is to raise supply and demand together? Why agree or why not agree?
How does competition affect profits and prices? What causes some firms to enter an industry, and others to leave it?
Compute the unit price if the ventor sold 200 CDs. Compute the demand curve for CD. Calculate the fixed and variable costs. Calculate the break even quantities (number of CDS).
Ajax, Inc. has appointed you to examine the demand for its line of telecommunications devices in 35 different market areas.
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