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Amalgamated Popcorn, Inc. is a fairly small firm selling bags of flavored gourmet popcorn in a popular mall. As shop owner and operator, you have observed that your daily sales tend to follow a pattern that can be stated as: Qp = 500 - 100Pp + 1.25A - 20Ps + 2I where Qp= unit sales of popcorn bags, Pp = price of bags in dollars, A = advertising expenses, Ps = price of soda pop sold at your stand in dollars, I = per capita income of customers in thousands of dollars. You are currently charging $1 per bag of popcorn, spending $200 in advertising, charging $1 for a soda pop, and per capita income is $12,000. a. Compute the elasticity coefficients for price, advertising, income, and cross-price. b. You are currently paying $.45 for popcorn (including cost for the corn, cost to pop, and bag). Is this the profit-maximizing price?
Assume an airline flying on the New York - Chicago route has estimated the demand curves for three different types of customers: business (no advance purchase), leisure (7 day advance purchase), and discount (14 day advance purchase) travelers.
The Wall Street Journal reported that recent law school graduates were having a very difficult time getting jobs in the legal profession. Many law schools said that ten to 20% of their graduates still had not found jobs.
Labor is a resource that is necessary to produce many goods. "If the price of labor falls," says the economist, "the price of goods will soon follow." How does this work?
Computer software utilizes skilled labor relatively intensively.If trade between the U.S. and India is free, which good will the U.S. export and which will it import? What will happen to production of the two goods (increase or decrease) in the U...
Consider two firms X and Y that produce identically tasting cold drinks. In order to raise the demand for its cold drink, firm X raise its advertisement outlay.
What will be the scale effect of this change on use of capital and labor and why? How would this be shown on an isoquant diagram? ( a diagram isnt needed here either.)What will be the net or total effect of this decline in the cost of capital on th..
Please avoid plagiarism, and write your words based on other people's facts. To get full points for this post, you need to write at least three facts about the part of the Constitution, and the why you think those facts shape the modern business..
What are the marginal costs and benefits of pursuing additional education and inherent risks associated with this decision?
What is the average fixed cost for the third unit of output and what is the average variable cost for the 5th unit of output?
Determine to the extent possible the relative market shares of these firms. Discuss the degree of concentration in the industry using CR4, other n-firm concentration ratios, H-H indices, etc.
Outline a micro-economic reform issue that is relevant to the Australian economy market and how successful do you think these reform measures were and say why referring to some data or research that has been performed.
A key year for them is 2015, when Southeast Asia's Open Sky Agreement comes into effect, allowing unlimited flights to all 10 ASEAN members: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
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