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1. You compete with many firms offering similar products (monopolistic competition). An economic consulting firm has estimated the own-price elasticity for your most profitable product is -1.50. Your marginal cost is constant at $75 across most of your production volume capability. What price will maximize profits? Show the computation.
2. Define the 3 types of price discrimination and explain why 1st degree discrimination is very difficult to practice. Provide 1 example where a form of 1st degree discrimination is practiced.
3. Complete and label the diagram showing the numbers of seats sold and price for leisure and business passengers. Answer the following questions: a. If the price of fuel increases modestly, will fares increase? b. Are all seats sold? If not, wouldn’t the airline make more money by selling more seats at a lower price?
4. Explain the conditions necessary for a firm to practice 3rd degree price discrimination and using airline conditions as examples.
5. Wall-Mart offers to match the price of any competitor. Why is this guarantee not necessarily a benefit to consumers?
Discuss the new equilibrium price also quantity which result from these changes. Can you exhibit some of these changes graphically.
A fleet manager must choose between two trucks to purchase for a company's fleet. The company will keep either truck for 4 years. Truck A costs $29,000 and has a market value of $16,000 after 4 years. Truck B costs $33,000 and has a market value of $..
Discuss the risks of introducing market mechanisms of supply and demand in situations where ethical issues are present.
In competitive market the market demand is Q=60-6P and supply =4P
An individual would suffer higher losses from an unexpectedly higher inflation rate if
You are manager of Bonnie=s Unknown Lexicon Lists, Silly Hat Incorporation Tapestry Company. A company dedicated to making tapestry and upholstery fabric. Determine profit maximizing quantity of upholstery.
The best way to organize your results is in the form of a table. Report the log-likelihood and pseudo R2 for the nonlinear models and the R2 and adjusted R2 for the linear model. Write the likelihood functions of logit model
q.a survey of households in a small town showed that in 850 of 1200 sampled households at least one member attended a
Illustrate what is explict opportunicy cost of attending college. what is an implicit opportunity cost of attending college.
What's the effective annual return Friendly's earns on this lending business? If you were brave enough to ask, what APR would Friendly's say you were paying?
Explain in detail rather than general in your recommendation.
Compare and contrast internal and external validity. Describe and give examples of research questions for which external validity is a primary concern. Describe and give examples of research questions in which internal validity is a primary concern. ..
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