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You own a theater with 200 seats. The demand for seats is Q = 300 -100P. You are charging $1.25 per ticket and selling 175 seats. Your costs are fixed and do not depend on the number of people attending. Should you cut your price to fill the theater?
The accompanying graph (top of next page) summarizes the demand and costs for a firm that operates in a perfectly competitive market.
Through the energy crisis of the 1070s, and again in the last five years, Congress bemoaned the "windfall" and "price gouging" profits of the major oil companies. In the 1970s Congress imposed an "excess profits tax" on these companies.
the accompanying table shows a boat manufacturers total cost of producing boats.nbspquantity of boatstotal
What is likely to happen to the proportion of schoolchildren classified as "disabled" and why? B. Since the diagnoses of many disabilities are to some extent subjective, how might schools respond to the new education funding system?
How might a Wal-Mart representative respond to the negative criticism that might arise as the result of sighting the new facility in a community ranging from traffic congestion to anti-union sentiment to unfair competition.
The Madison Corporation, a monopolist, receives a report from a consulting firm concluding that the demand function for its product is Q=78-2P+2Y+0.9A where Q= #of units sold, P=price of products in dollars, Y=per capita income and A = firms advertis..
part-11. describe the industry and explain the general pattern of change of the particular market model.2. hypothesize
In answering questions 1-10, use the following information about the economy of Margaritaville. Margaritaville's production function per effective worker is given by the following expression y = k0.5, where y = Y/(E×L) and k = K/(E×L). Y is real outp..
Explain the three types of goods: search goods, experience goods and credence goods. What type of advertising would firm’s likely use for each type of good and why? Explain how a monopolist can increase profits by price discriminating. What are the c..
An industry is composed of 20 firms, all with equal sales. The Herfendahl Index ratio in this industry is a. 1000 b. 500 c. 800 d. This cannot be determined from the information given.
In the competitive market at a price of $50 and cost function of C=50+5Q2 find out the maximum profit? Show how the solution was reached.
Define and explain the relationship between total revenue, average revenue, and marginal revenue for a monopolist. What is monopoly profit Should a monopolist produce quantities of product greater than that which would maximize profits
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