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Consider a perfectly competitive market. The market supply and market demand are given by: QD = 252 - 3P and QS = 3P. Assume the market is in short run equilibrium. What is the price that each competitive firm must take? Show work.
Write down an expression π(q ) for profits as a function of q. Find profit-maximizing choice of q for Smith and corresponding price and profit.
Toby is indifferent between the bundles (9, 3) and (5, 5). When Toby is at (9, 3), he would be willing to give up one unit of y if he were to receive two units of x. If Toby is at (5, 5), he would be willing to give up four units of x if he were to r..
In response to competitive pressure from some of its best clients, a Chicago law firm (the "firm") created a program to pre-bill these clients using a flat montly fee in lieu of traditional hourly-billing. Analyze the key economic issues in the case...
Money acts as a unit of account, medium of exchange, or a store of value. Describe each of these different functions.
In order for price discrimination to exist
Consider the following regression analysis between sales (Y in $100) and social media advertising (X in dollars): Yˆ = 5400 + 9X. The regression equation implies that an:
Lightweight personal locator beacons are now available to hikers that make it easier for the Forest Service's rescue teams to locate those lost or in trouble in the wilderness. How will this affect the costs that the Forest Service incurs?
What is "segmentation by purpose of travel"? How can it help in the analysis of tourism? What is "psychographic" segmentation? How does it help in the analysis of tourism?
Create a presentation you would present at an interview to the interviewers. Describe the position you are interested in working for this organization. What is the global product or service you are interested in becoming a team player? What are your ..
You learned that Texas has a tax system that is generally “regressive” because it relies heavily on sales taxes rather than income taxes. What are the definitions of regressive, flat, and progressive when it comes to taxes? Why a sales tax is conside..
When the price of pizza was $10.00 for a medium pizza, students at a college consumed 400 pizzas per week. When the price of pizza increased to $30.00 for a medium pizza, students at a college consumed 100 pizzas per week. Calculate the price elastic..
What would happen to the price and quantity demanded and/or supplied if the government, in its attempts to help the poor, implemented a price ceiling on gasoline? What is a price ceiling and how successful would the policy be? Why?
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