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Assume the demand curve for gasoline is given by the equation P = 10 - 0.0005Q,
where P is the price per gallon and Q is the quantity of gasoline in gallons. Assume that the only supplier of gasoline in the region is General Gasoline Co. and that the marginal cost of production is constant at zero.
a. If the company is currently charging $4 a gallon, is it maximizing profit? If so, prove it. If not, find out the price that maximizes its profit, and compare the profits at the two prices.
b. Discuss the likely effect of the introduction of a fuel-efficient car in the region; that is, what would happen to the equilibrium quantity. Show the changes on a graph that displays (you don't need to show actual numbers) General Gasoline's pricing solution and explain.
For many years, your firm has been protected by patents. Discuss how these changes are likely to affect your firm's optimal bundling of tasks into jobs and subunits.
Given most common goods, will a new specific tax on the purchase and use of the good increase or decrease its equilibrium quantity? Will consumers benefit or lose? Will producers of the product benefit or lose?
Provide a brief discussion of the auditor liabilities and the potential defenses - What are the brief facts of the case that led to the investigation and what duties of care, laws, or responsibilities to clients were violated?
Assuming that Geriatrics wants to profit-maximize, what is the optimal external market price? What is the optimal internal transfer price?
What characteristics do you think are important in evaluating the quality of a corporate board? What incentives, if any, do board members and management have to work in the interests of shareholders and the corporation?
1.For what possible reasons may one country experiences a persistently faster rate of economic growth than another?
Find the total revenue of the monopolist when it sells 6 units of the commodity without practicing any form of price discrimination. What is the value of the consumers' surplus?
An aircraft has 100 seats, and there are two types of fares: full ($499) and discount ($99). While there is unlimited demand for discount fares, demand for full fares is estimated to be anywhere between 10 and 30. How many seats should protected f..
The shares of Hod corporation which are at present trading at $12.50, have just paid a dividend of $1.50 / share. Based on investment analysts, the historical growth rate for Hod's dividends of 2 percent per year
How would you attempt to assess whether the technology used by an industry in a developing country was inappropriate ?
Rochester Metro Area was hit with a major ice storm in 2003. Suppose that before ice storm of 2003, the weekly demand and supply for ice in the Rochester Metro Area were given by following equations:
1.Think of two examples of price discrimination. In what ways do the consumers gain or lose? What information would you need to be certain in your answer?
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