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Last year, a manufacturer introduced a new product that was a huge success. So the company made the decision to invest an additional $2.8 million for a plastic injection molding machine (which could be sold for $2.0 million) and $150,000 in plastic injection molds specifically for the product (not valuable to anyone else). Labor and the cost of materials necessary to make each product is about $2 each. Unfortunately, after making the investment a competitor developed a similar product that significantly reduced demand for the manufacturer’s product. Now, the original manufacturer is faced with some decisions and is asking for your advice. Assume that the estimated demand is 120,000 units. To provide this advice you should:
Determine the price where they would break even if they decided to continue producing.
Determine the shutdown price.
What advice would you give this manufacturer?
A consumer buys only two goods, X & Y. a) If the MRS between X and Y is 2 and the marginal utility of X is 20, what is the marginal utility of Y?
the quantity supplied of the Real GDP in the long run is $4.3 trillion. Evalute is the economy in short run equuilibrium. Will the price in long run equilibrium be greater than, of less than, or equal to 132.
Use the economic perpective to explin why someone who isnormally a ligh eater at a standard restaurant may become somewhat of a gullton at a buffet-style restaurant that chares a single price for all you can eat.
Elucidate how each of these implications have or have not been utilized in to company.
Suppose an automobile manufacturer has a fixed proportions production function that requires it always uses 2 workers and 1 machine to produce 1 car belt. If the wage rate w = $10 and rental rate are r = $15. What is the cost-minimizing combination o..
In the Castorian Airline market there are only two firms. Each firm is deciding whether to offer a frequent flyer program.
In the market economy that relies on the law of supply and demand, determine which of the following does not fit with the other:
An adiitional feature is that the computer shop will give her 500 for her old computer on a trade in. What is the equivilent annual cost for keeping her computer? What is the equivilent annual cost for swithcing to the new system?
If a large-scale war resulted in massive destruction of physical facilities, but not loss of life
Consider the market for electronics. Patents are granted to investors of a product or process for a certain number of years. The reason for this is to encourage innovation in the economy, without the existence of patents; it is argued that research a..
Verify all values and quantities computed in the discussion. Now suppose that intermediaries come from a competitive market with an equilibrium price of $8 per unit for their services,
Select a market for a product or service, then identify at least one critical determinant of demand or supply in that selected market and forecast a reasonable future change in the determinant. Explain the changes in equilibrium price and quantity yo..
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