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Decade ago, five firms supplied amateur color film in the United States: Kodak, Fuji, Konica, Agfa, and 3M. From a technical viewpoint, there was little difference in the quality of color film produced by these firms, yet Kodak's market share was 67 percent. The own price elasticity of demand for Kodak film was -2.0 and the market elasticity of demand was -1.75. Suppose that in the 1990s, the average retail price of a roll of Kodak film was $6.95 and that Kodak's marginal cost was $3.475 per roll. Based on this information, discuss industry concentration, demand and market conditions, and the pricing behavior of Kodak in the 1990s. Do you think the industry environment is significantly different today? Explain.
For each of the following situations, decide whether the bundle Lakshani is thinking about consuming is optimal or not. If it is not optimal, how could Lakshani improve her overall level of utility
The government wants to decrease the consumption of electricity by 10 percent. The price elasticity of demand for electricity is -0.4.
if the price elasticity of demand for a product is -5, and the income elasticity of demand for the product is 2.5. If a .5% decrease in product price as accompanied by a 1% decrease in consumer income, the firm's total sales will increase, be the ..
Give a hypothetical/real world example of the MR=MC principle (Profit maximizing point). Explain what elements in example represents decreasing marginal revenue/benefit and what element represents increasing marginal cost.
At a meeting with the manager, the accountant suggested raising the price of the hamburgers to $4.00 to improve the profit margin (P – AC). The manager noted that this would lead to a decline in sales, which would increase average cost even further.
customer service level, even if that means some products will occasionally be out of stock, if it gets products at a lower price. For its large retail hardware customers (like Home Depot), United regularly ships smaller orders directly to individu..
Inside the corporation there are ...... systems that motivate individuals and teams to make the most efficient decisions over product lines.A job in sales - such as a sales representative for an agricultural chemical company usually represents
The market is created by demand and supply of products in the economy. Describe the law of demand. Explain a situation in your life where you noticed this law at work.
Use the national income identity GDP= C + I + G + X to explain what a current account deficit(negative net exports) means in terms of domestic spending, production, and borrowing
According to the rule for optimal input usage, a firm should hire a person as long as her marginal revenue product is greater than her marginal cost to the company.
Hypothetically, if Apple and Samsung decided to collude, instead of suing and counter-suing each other, what would the equilibrium prices and quantities be? Assuming each firm keeps the profit from its own market, what are these profits?
what is the opportunity cost of investing in capital do you think a country can overinvest in capital what is the opportunity cost of investing in human capital do you think a country can overinvest in human capital
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