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It is supposed that the liquid soap market is perfectly competitive and current price of a case of liquid soap is $42.00. The firm has estimated it's marginal cost function to be as follows: MC=0.006Q.
1. Calculation for # cases to maximize profits with example.2. What happens if the firm unilaterally raises prices in this market?3. What happens to profit max level of output if the market price quickly increased to $54.00/case? Explain why the output level changes.4. Can the firm benefit by advertising in this perfectly competitive market?5. What would happen to the price of liquid soap if the firm monopolizes the market, does it rise or fall? What effect does that have on the firm's profits for the liquid soap division?
Assume a decrease in consumers' incomes causes a decrease in the demand for chicken and an increase in the demand for potatoes. Which good is inferior and which is normal? Explain your reasons.
What was the Neolithic Revolution. Explain
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Determine the difference between Total Variable Costs (TVC), Average Variable Costs (AVC) and Marginal Costs (MC).
The problem in economics in price theory deals with deriving maximum marginal utility and marginal rate of substitution.
Examine the models of oligopoly and create at least one recommendation for improvement. Describe your rationale.
Calculate the incremental profit that south park would earn by customizing its instruments and marketing them directly to end users.
Short and Long-term costs business comparisons. Select directly comparison business concepts and generally discuss the FC, VC, break-even quantities, economies of scale and diseconomies of scale for each.
Which of the following is NOT a condition for price discrimination? Different groups of consumers should be charged differing prices for the same product. The firm's demand curve should be downward sloping.
Suppose that you agree with the 16-percent rate of return proposed by the company. What factors need to be considered when setting rates designed to achieve this factor?
Determine Acme's total profit function. Assuming that Acme is effectively able to charge different prices in the two markets, what are the profit-maximizing price and output levels for the product in the two markets? What is Acme's total profit und..
You're advising a friend who has a decision to make regarding Social Security. He is about turn 62 years old, and is eligible for early Social Security benefits. His early benefits would amount to $677 each month.
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