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Question: Suppose the supply function for a product is p = 40 + 0.001x2 and the demand function is p = 120 - 0.2x, where x is the number of units and p is the price in dollars. If the market equilibrium price is $80, find
(a) the consumer's surplus and
(b) the producer's surplus.
Adam Smith, in his famous book The Wealth of Nations, noted, "Every individual neither intends to promote the public interest, nor knows how much.
Explain the ethical issues (at least 3) related to your product's production, use, consumption, transport, marketing, or any other ethical aspect of its life cycle.
The fact that U.S. managers' salaries are substantially greater than those of comparable managers in Japan may be related to A. an increase in the demand for CEOs -difference between microeconomics and macroeconomics is that microeconomics
Given the excise tax you calculated in part (c), what is the value of consumer surplus with the excise tax? What is the value of producer surplus with the tax? What is the value of tax revenue with this tax? What is the value of consumer tax incid..
Do the following exercise with the help of the data provided in the tables below. You will use Excel to create your graphs. In an MS Word file of no more than 1-2 pages, write up responses to the points 2 and 3 below. Table 1: Demand of Bonds Point P..
What is the short-run effect on the exchange rate of an increase in domestic real GNP, given expectations about future exchange rates? i. Explain why exchange rate overshoots when money supply increases in the short run.
Granny’s Restaurant sells apple pies. Granny knows that the demand curve for her pies does not shift over time, but she wants to learn more about that demand. She has tested the market for her pies by charging different prices
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A competitive firm has the following quadratic total cost function: TC = 5Q2- 25Q + 300- Determine the firm's break-even points if the market price is P = $80.
The firm faces a constant marginal revenue curve given by:MR = 200 and how should the firm allocate production?-How much should Factory #1 produce and how much should factory #2 produce?
1. munger and interviewer roberts begin by presenting a paradox. what do they mean when they say that firms are
Have you ever played marketplace game? Tell the production division what specific components are to be built into the brand. Do a brief segment for both kind of marketing strategies and note pros and cons of each.
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