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When ShorTech introduced its Quadrant mobile phone, it had few competitors and set a price of $500 when its marginal cost per unit was $350. The economics consulting firm it hired to estimate the demand elasticity confirmed this was the optimal price based on the pricing formula (P - MC) / P = 1 / |e|. Since then, competitors have entered the market making customers more price conscious. When it rehired the economics consulting firm to estimate the demand elasticity, it found that demand had become more elastic at -4. Also, ShorTech has managed to lower its marginal cost per unit to $300. What price should ShorTech charge now? Provide support for how you determined your answer.
If a nation exported much of its output but imported little, would it be better or worse off? How about the reverse; that is, exporting little but importing a lot?
Those who advocate that the Fed target monetary aggregates, usually argue that the Fed should not alter its monetary targets in response to temporary changes in macroeconomic conditions, yet those who advocate interest rate targeting never recommend ..
Suppose individuals are willing to pay $500 for an airbag that reduces the probability of being killed in a car accident by 0.0001. Calculate the value of a statistical life using the willingness to pay approach. Suppose Joe plans to work for another..
Jack's construction company is considering the purchase of new equipment at a cost of $10,500; with an estimates salvage value of $500 and projected useful life of 4 years. Determine the straight-line (SL), sum of year's- digit (soyd) and double decl..
Assume a linear town with 100 potential costumers that are uniformly distributed on a unit mile. What are the prices each store will charge for hamburgers? What would their profits be? (b) Intuitively, would both stores be happy with their price and..
Illustrate what is the yrly breakeven point volume (D) also his objective is to maximize his average grade, elucidate which means.
What performance percentage would you use to trigger executive bonuses for that year.
If a firm in the industry wishes to increase total sales revenue (ignoring cost considerations), will it raise or lower its selling price? Why? What happens to the demand for beer if the price of soda falls by 2%? Explain your answer. What happens to..
The normal supply and demand models take the supply and demand of a particular good and show that the equilibrium price is where the two curves intersect. How do we reconcile both of these observations?
Distinguish between the resource market and product market in the circular flow model. In what way are businesses and households both sellers and buyers in this model.
A new electric generation plant is expected to cost $43,250,000 to complete. The revenues generated by the new plant are expected to be $3,875,000 per year, while operational expenses are estimated to be $2,000,000 per year. If the plant is expected ..
When he purchased his home, al silva borrowed $280,000 at 10% interest to be repaid in 25 equal end-of-year payments. After making 10 payments, Al found he could refinance the balance due on his loan at 9% interest for the remaining 15 years.
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