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Suppose a firm has a constant marginal cost of 10$. The current price of the product is 25$, and at that price it is estimates that the price elasticity of demand is -3.0
a) Is the firm charging the optimal price for the product? Demonstrate how you know.
b) Should the price be changed? if so, How?
Assume the entire economy contains $5000 worth of one-dollar bills. If people fail to deposit any of the dollars, but instead hold all $5000 as currency, how large is the money supply?
An engineering student requires to replace the battery in her car so that she can drive home for a vacation after Spring Semester. She has located following possibilities:
Compare and contrast the outcomes with respect to price and output under a monopoly versus a perfectly competitive market. In which situation are consumers better off? Why?
Last year, Urbana Corporation had $197,500 of assets, $307,500 of sales, $19,575 of net income, and a debt-to-total assets ratio of 37.5 percent.
When factors of production are combined to produce a particular level of output, what would be the effect on total product when all factors are kept fixed and only one factor is varied
Depends on what you perceive as the results of free trade agreements such as NAFTA, would you recommend that President Obama continue on the path.
If neither company adopts the side impact airbag technology, each company will earn $0.5 billion (due to lost sales to other automakers). If one company adopts the technology as standard equipment and the other does not, the adopting company will ear..
Mable has balanced the cost against the benefit of bringing a lawsuit against Harvey. She has decided to sue him for monies owed to her as per a contract the two entered into. However, she would much rather settle her case at the pretrial hearing.
1) At a price of $9, the marginal revenue of a monopolistically competitive firm is $5. If the marginal cost of production is $7, what should the firm do? 2)For a monopolistic competitive firm, which factor would not increase market power?
Elucidate how does the subsiquent impact on the housing industry.
Why would the simple Keynesian consumption function predict that this strategy would work and the nominal interest rate cannot fall below zero. What might the Fed do to try to achieve the optimal real interest rate you calculate in Part b?
Assume there are only two automobile companies, Ford and Chevrolet. Ford believes that Chevrolet will match any value it sets, but Chevrolet too is interested in maximizing profit.
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