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Wyandotte Chemical Company sells various chemicals to the automobile industry. Wyandotte currently sells30,000 gallons of polyol per year at an average price of $15per gallon. Fixed costs of manufacturing polyol are$90,000 per year and total variable costs equal$180,000. The operations research department has estimated that a 15percent increase in output would not affect fixed costs but would reduce average variable costs by 60cents per gallon. The marketing department has estimated the arc elasticity of demand for polyol to be 2.0. a. How much would Wyandotte have to reduce the price of polyol to achieve a 15 percent increase in the quantity sold? b. Evaluate the impact of such a price cut on(i) total revenue, (ii)total costs, and (iii)total profits.
In the economic model of the fishery developed in this chapter, compare the effect on fishing effort of an increase in cost of a fishing license with an increase in a per-unit tax on fishing effort that raises the same amount of revenue. Assume th..
suppose there are two firms a and b in the market and the market demeaned is p50-q where p is the price per unit and q
Calculate medal shares for total medals won, for each country, by year. The medal share for country in a year is the proportion of the total number of medals awarded in that year's Olympics that is awarded to the country. To calculate the me..
Use Starbucks as the company, please help identify market structure of the organization. Evaluate the effectiveness of this structure for the company.
what is the impact of free trade on domestic job creation policy? elaborate with examples. what the impacts of
Explain which bridges you would choose to attempt to use. (Assume you can put one foot on a bridge to see if it collapses before you attempt to cross.)
Fixed cost of production are $6 and the variable cost per unit of labor is $10. The marginal product of the seventh unit of labor is 4. Given this information. what is the total cost of production when the firm hires 7 workers.
Find out the equilibrium price and quantity and illustrate with a graph. The government imposes a tax of $5.00. Find the new equilibrium price and quantity. Determine the total tax revenue earned by the government
what is the cpi consumer price index and what significance does it hold in regards to goods and services? please
You just inherited $10,000. while you plan to squander some of it away, how much should you deposit in an account earning 5% interest per year if you'd like to have $10,000 in the account in 10 years.
Determine how the following situations will affect the demand curve for ipods.
submit a 2-3 page paper using apa formatting responding to the following questions. how will a an unexpected 3 percent
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