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1) The Hanover Manufacturing Company believes that the demand curve for its product is P = 5 - Q
Where P is the price of its product (in dollars) and Q is the number of millions of units of its product sold per day. It is currently charging a price of $1 per unit for its product.
a) Evaluate the wisdom of the firm's pricing policy.
b) A marketing specialist says that the price elasticity of demand for the firm's product is 1.0. Is this correct?
2) The marketing manager of the Aztec Enterprises must formulate a recommendation concerning the price to be charged for a new product. According to the best available estimates, the marginal cost of the new product will be $18, and the price elasticity of demand for this product will be 3.0.
a) What recommendation should she make, if Aztec wants to maximize profit?
For a perfectly competitive firm the price is $2 per unit. At this price the firm is producing and selling 10,000 units. It costs $1.50 to produce the last unit. Should the firm produce more? Less? Why?
Explain how advertising can be employed to allow Tots-R-Us to keep price average above cost without encouraging entry.
In light of Ricardian model, how might you measure the claim by developing countries that they're at a disadvantage in trade
During the period of airline regulation, the government set airline fares and regulated an air carrier's entry into and exit from particular markets.
Suppose in country Triniland employers are required to pay overtime at 50% above the normal wage rate for workers who work beyond 8 hours a day.
For an unknown reason, aliens kidnapped all immigrants residing in the US. One morning America wakes up and finds that the only people left in the country are American citizens, while all legal and illegal immigrants are gone.
Explain how the Central Bank can set the nominal interest rate in the money market. In addition, explain how it can use expansionary monetary policy to boost GDP if the economy is in a recession.
How would you show what happens with equilibrium income if agents suddenly lose confidence and decide to spend less, even if their income has not changed?
Using the IS/LM model, demonstrate the effect of each of the following changes.
Pawel spends half of the year working in Britain where he consumes British food q and half of the year in Poland where he consumes Polish food Q.
Suppose the ABC Corporation adopts a policy prohibiting its top-level executives, whose compensation packages-Use economic theory to analyze the incentive effects of this prohibition.
American Mining Company is interested in obtaining quick estimates of the supply and demand curves for coal.
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