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1a) Calibrated Coffee estimates a demand curve for per bag of coffee to be: Log Q = .55 -3.22*Log (P) + .5 Log (I), where Q is quantity of bags of coffee, P is price per bag, and I is a measure on national income. Suppose the marginal cost per bag is $.90. The optimal price would be?
1b) Use Excel Solver, spreadsheet or otherwise to solve the following. A firm's objective is to Maximize Profits. Demand is Q = 1500*P-1.5, and Total Cost is TC = 30 + 6*Q + .25*Q2. The profit maximizing price is?
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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