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The following represents demand for widgets: QD = 680 – 9P +0.006M – 4PR, where P is the price of widgets, M is income, and PR is the price of a related good, the wodget. Supply of widgets is determined by QS = 30 + 3P.
A. Assume that in 2010 M = $15,000 and PR = $20. The 2010 equilibrium price of widgets is
B. The 2010 equilibrium quantity of widgets is
C. Now assume two events occur in 2012: income drops to $13,000 and supply conditions change such that QS = 50 + 3P. Solve algebraically for the new equilibrium price of widgets after these two changes.
D. Solve algebraically for the new (2012) equilibrium quantity of widgets after these two changes.
Presume the demand function is Q=100-P, where Q is the quantity demand and P is the price. Please compute the price elasticity at P=10 (by comparing it with a pair of price and quantity at P=20). Compute the change in total revenue which is P times Q..
Assume the firms in an oligopoly produce a differentiated product and are initially colluding. If each firm begins to cheat (to increase sales) by underpricing the other firms, as the amount of cheating increases
Formulate and solve the profit maximizing solution to this exercise ignoring the four goals.
What is the source of these profits? Upon patent expiration, numerous rival drug companies offer generic versions of the drug to consumers.
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Over their lifetimes, studded tires cause considerable road damage. The best estimate of total road damage is C = .25Q2
managers are responsible for overseeing the work of other people so that the goals of the organization are
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