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There are two companies, A and B. Company A lowers its price for a certain product by 6% and sees an increase of about 12% in revenues.
Company B tries a similar move: it lowers its price by 6%, but its revenues go down by 3%.
a) Explain what is happening in the cases of Company A and Company B.
b) What do you think might be the difference between the two companies? Are they selling the same or a very similar product? Are they selling to the same or to a different group of customers?
Consult recent annual reports and Internet sources to find out what new products that company has brought to market in the past year or two. Are those products truly new innovations, or are they simply extensions of existing products? What considerat..
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Suppose that you estimate the following cost function for your company, which is a monopolistically competitive firm: TC=150Q-5Q^2+Q^3 , and the following demand curve for your product: P=162-5Q. Compute and plot the average cost and marginal cost. O..
Is the apple pie market perfectly competitive? Why or why not? b. With this data, draw a graph of the linear demand curve for Granny's apple pies. c. Find the price elasticity of demand at each of of the three prices.
One criticism is that the IMF's one-size-fits-all approach to macroeconomic policy is inappropriate for many countries. This point was stressed in the Turkey's 18th IMF Program. What do you think? Is it right? How is this affecting international busi..
Explain why is the index of industrial production an appropriate coincident indicator. Why is the average prime rate charged by banks an appropriate lagging indicator.
Price Controls: Give me an example of a Price Ceiling or a Price Floor and tell me what the effect is to quantity supplied and quantity demanded, will this create a surplus or shortage and in what, can it reach price equilibrium and why, and what the..
Northrop Grumman is making a new long range bomber for the Air Force. Development costs are $2 billion in 2016, and $3 billion in each of the years 2017 through 2030. Gen. Wrench knows nothing about cash flow discounting, and so she treats $1 tomorro..
Estimate aggregate consumer and producer surplus before quota. Estimate new consumer and producer surplus after quota.
a copy company wants to expand production. it currently has 20 workers who share eight copiers. two months ago the firm
Consider the following simple model with investment and government spending exogenous:
Illustrate what are the opportunity costs for the manager of being in this business relative to returning to his old job. What is the economic profit of the business.
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