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You are the owner of a local Honda dealership. Unlike other dealerships in the area, you take pride in your "No Haggle" sales policy. Last year, your dealership earned record profits of $1.9 million. In your market, you compete against two other dealers, and the market-level price elasticity of demand for midsized Honda automobiles is -1.2. In each of the last five years, your dealership has sold more midsized automobiles than any other Honda dealership in the nation. This entitled your dealership to an additional 40 percent off the manufacturer's suggested retail price (MSRP) in each year. Taking this into account, your marginal cost of a midsized automobile is $11,000.
What price should you charge for a midsized automobile if you expect to maintain your record sales?
Instruction: Round your answer to two decimal places.
claimed that the accumulation of wealth by capitalists was a small price to pay for the economic expansion from which all Americans benefited.
Suppose that a computer software company controls the operating system market. Although the government knows that the price is higher than it would be in the presence of competition, Which of the following policy options might most effectively enable..
At quantities above the minimum-cost output
What are some of the benefits of greater National Government authority as opposed to allowing states more sovereignty with an increase in state responsibility? Think about issues like federal health care mandates for states' citizens or immigration l..
The net exports effect is the impact on a country s total spending caused by an inverse relationship between the price level and the net exports of an economy. Using this principle, discuss how the following economic variables change during an econom..
A firm's production function is qi = 2Li + 10Ki. Assume both variables can be adjusted, even in the short run (for instance, making an item by hand versus using a machine to do so). a. What is the firm's cost function, if w=$15, and r = $100?
If you were macroeconomic policymaker, how do you balance the short-run trade off between inflation rate and unemployment rate? Explain. What is the historical relationship between rates of unemployment and inflation in the U.S. economy? What are the..
In the long run, a monopolistically competitive firm produces a quantity that
part a1. russian farmers again have a poor crop. their government has announced that they will not ban exports. this
Suppose the production function for T-shirts can be represented as q = L^0.25 K^0.75. When K = 1 and q = 2, what is the slope of the isoquant? If there is insufficient information to answer the question, describe what information is additionally need..
suppose a consumer prefers a sandwich with 2 slices of bread and 2 slices of ham. Assume that price per slice of bread is .10 and per Ham is .25. The consumers budget for lunch is 3.50. Write the budget constraint and show a few indifference curves.
A man went to his bank and borrowed $750. He agreed to repay the sum at the end of three years, together with the interest at 12% per year, compounded annually. How much will he owe the bank at the end of three years?
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