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Say you are the manager of a perfectly competitive firm selling a product. Your business is making a loss because total revenue is less than total costs. What would you do--shut down or continue to operate? Use hypothetical numbers to explain. Information you need to provide include--state the product you are selling, the price of the product, the quantity of the product you produce, fixed costs, total cost, figure out total revenue, total and average variable costs. Then go ahead and make your decision. Explain carefully why it makes better sense to shut down rather than continue to operate or to continue to operate rather than shut down, as the case may be. How do fixed costs play a role in your analysis? What is the difference between shutting down and going out of business?
What determines price elasticity of demand for a product. key determinants of price elasticity of demand are as follows: i. Availability of close substitutes- gas stations across street, very elastic.
How do I calculate the price of a gallon of paint that inreases from $3.00 a gallon to $35.00 a gallon. The usage of paint drops 35 gallons a month to 20 gallons a month.
Suppose a manufacturer estimates its marginal cost at $1.00 per pack, its own price elasticity at -2, and sets its price at $2.00. The company's settlement obligations are expected to raise its average total cost per pack by about $.60. What effec..
Describe the slope of the isocost and isoquant curves, and hence derive a relationship between the productivity of capital and the productivity of labour.
What is the effect on East Asia's Willingness to trade? b. Assuming that each region is large enough to influence international prices, how do East Asia's good-growing seasons in food affect the equilibrium international price ratio?
Report demand graphic as well as independent variables that are relevant to absolute a demand analysis providing a rationale for the selection of the variables.
If you match up pairs of buyers and sellers so as to maximize the total surplus of all transactions, what is the largest total surplus that can be achieved.
At present, the original manufacturer is deciding either they should continue production of toy truck.
In case of conflicting IP rights, could firms bargain to attain efficient outcomes. Is re room for entry if consumer welfare is not being served.
The definition of a price maker is a firm with some power to set the price because the demand curve for its output slopes downward which in effect means those firms with a downward sloping demand curve have some market power.
Does the estimated equation provide evidence in support of the CAPM for stock
e marginal cost of making a copy is $.50 (50 cents). The average customer makes 4 copies at a time. Illustrate what pricing strategy will maximize your profits.
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