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Suppose a manager is interested in implementing third-degree price discrimination. The manager knows that the price elasticity of demand for Group 1 is -2 and the price elasticity of demand for Group 2 is -1.2. Based on this information alone we can conclude that the price charged to Group 2 will be A. the same as the price charged to Group 1. B. lower than the price charged to Group 1. C. higher than the price charged to Group 1. D. there is insufficient information to determine whether Group 2 will have a higher, lower or the same price as Group 1.
In 1982 to 1984 the base period used for the customer price index, the average earnings of construction workers were $442.74 a week.
A representative company with long-run total cost given by TC =20+20q+5q2 operates in a competitive industry where short-run market demand and supply curves are given by QD = 1,602 - 40P and QS = - 400 + 20P.
Mmachines of Newspaper vending are designed so that once you have paid for one paper; you could take more than one paper at a time.
Illustrate the maxmium so and so would pay for insurance.
Aztec depends heavily on advertising to sell its products. Management at Aztec is allowed to spend $2 million monthly on advertising-What is Aztec's elasticity of demand for advertising?
Find the equilibrium price and quantity algebraically and check that your solution is consistent with your sketch. c) If the government imposes a fixed tax of £8 on each unit of a good, show how the supply curve is affected both algebraically and..
What is the profit-maximizing price for this firm? On the graph show the area, which area represents the net loss to society resulting from the monopoly power conferred by the patent?
A number of companies exist that specialize in "payday loans." Payday loans are small loans often for a few hundred dollars or less that are made to low-income borrowers. Often these borrowers have poor credit histories and few assets and would ha..
Use the firm's isoquant-isocost diagram and the firm's marginal cost curve to explain and illustrate the output and substitution effects of a decrease in the price of labor.
Find the optimal (profit maximizing or cost minimizing) output of each firm. Find the price that each firm charges at the when producing the optimal output.
Explain how do the fiscal policy changes play a role in the theory of political business cycles
Illustrate what special problems are faced by eastern european economies as they make the transition from central planning to competitive markets.
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