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You are a pricing analyst for QuantCrunch Corporation, a company that sells a statistical software package. To date, you only have one client. A recent internal study reveals that this client's demand for your software is Q=300-0.20P and that it would cost you $1,000 per unit to install and maintain software at this client's site. The CEO of your company recently asked you to compare
1. The profit that results from charging this client a single per-unit price with (Hint: First find Q* by applying MR=MC, and then find the P*; Find maximum profit using the formula (P*-ATC)Q*)
2. The profit that results from two-part pricing (Hint: set the per-unit price for each unit of the software installed and maintained equal to marginal cost, and charge a fixed "licensing fee" that extracts all consumer surplus from the client)
3. Which pricing strategy would you recommend to your CEO?
a. How much is a 20-year-old who works full-time predicted to earn based on this estimate? b. How much is a 20-year-old who works part-time predicted to earn
For each of the following events, assume that either the supply curve or the demand curve (not both shifted). Explain which curve shifted and indicate the direction of the shift.
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You make an initial deposit of $1000 now. Then you make 12 semiannual deposits of $500 each. If the account pays 10 percent compounded semiannual, how much will be in the account immediately after the 12th deposit?
Last winter, the price of home heating oil increased by 20% and the quantity demanded of home heating oil decreased by 2%. At the same time, with no change in the price of wool sweaters, the quantity demanded of wool sweaters went up by 10%.
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