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1. You are a manager of a firm that charges customers $16 per unit for the first unit purchased, and $12 per unit for each additional unit purchased in excess of one unit. The accompanying graph summarizes your relevant demand and costs. (P=18-2Q, MC=8).
a) Determine the profits resulting from this strategy.
b) How much less you would earn with one price strategy and how much additional profit you would you earn if you were able to perfectly price discriminate?
A small consulting firm is only interested in hiring College graduates (denoted by S), but it does not know how many it should hire in order to be profit maximizing. Assume there is a competitive wage of $20 per hour and the production function is F(..
Ricardo was concerned about deviations of the relative prices of commodities when there was a change in the wage and profit rates. Show how he illustrated these deviations. Then explain why Ricardo was not overly concerned about these deviations, and..
In what ways and to what extent did coffee production contributed to the growth and development of the Brazilian economy before 1930.
Suppose that each worker in the Foreign country can produce two cars or three TVs. Assume that Foreign also has four workers. Graph the production possibilities frontier for the Foreign country. What is the no-trade relative price of cars in Foreign?
Analyze these indicators and prepare a 3-4 page report elucidate the expected short-term impacts on firms in any one of the following five industries in terms of product sales.
In your opinion, give an example of the economic implications for supply and demand and hence economic efficiency.
Suppose the Fed raises the Required Reserve Ratio for checkable deposits from 5% to 10%. What happens to the numerical value of the money multiplier (say M1 money multiplier) as the result? What will happen to the Money Supply as the result of such a..
Your employer has anticipated needing $60,000 in two and a half years to finance the purchase of a new lathe. If they anticipate making a single lump sum investment today into a savings account that will return 12% interest compounded continuously, h..
Monetary and fiscal policies can often change simultaneously. In the early 1980’s, the U.S. government cut taxes and ran a budget deficit and the Federal Reserve pursued a contractionary monetary policy. Given that the government’s goal was to raise ..
Write the SQL code required to list all employees whose last names start with Smith. In other words, the rows for both Smith and Smithfield should be included in the listing.
There is a duopoly of beer producers, Biller and Moors, who produce identical hoppy ales, and each have marginal costs of $100 per keg. Assume there are no fixed costs. What are the best response curves in Cournot Oligopoly for these two producers? W..
The labor market for NBA players is perfectly competitive. The Labor Supply curve is Q= -20+3w. The marginal expenditure curve is ME= (2Q+20)/3. The Labor Demand curve is Q=125-2w. The Marginal Curve is MR= (125-2Q)/2. Both the players and owners do ..
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