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Determining Pricing
The Burrito Barn is considering a price reduction on the Firegut Burrito, which currently sells for the price of $5.00. Giuseppe, the proprietor of Burrito Barn, knows the price elasticity for the Firegut is roughly equal to -2.3 over the range being considered for the price change. The Firegut has been selling at the brisk pace of 500 burritos per week. To increase market share, Giuseppe would like to increase sales to 750 per week. What price should Giuseppe set?
Using the theory of oligopoly and the concept of prisoners dilemma, explain why the cigarette companies did not cut on advertising on their own to increase their profits before the law went into effect?
The following is a list of figures for a given year in billions of dollars. Calculate the GDP and NI.
A profit-maximizing monopolist never produces in the inelastic part of a linear demand curve. The short-run supply curve of a competitive firm is its MC curve.
Tests are supervised by skilled mechanics utilizing equipment produced by two leading competitors in the auto test equipment company
What is the firm's average variable cost as a function of its output level, y? What is the firm's average total cost as a function of its output level, y? What is the firm's profit maximizing level of output, and what is the resulting profit?
Illustrate the potential problems of economic transition from a planned economy to a competitive free-market economy.
Lisa is a lawyer and there are two tasks that she hates to do, even though her job requires it. Draw a graph with hours reading on the horizontal axis and hours writing on the vertical.
What is the net effect on the money supply in the economy? Show your work. Assume instead that Sammy uses the $10,000 he receives to pay back a loan from Bad Boys Bank. $8,000 goes to repay the loan itself, and $2,000 represents his Interest payme..
Assume that the soft coal industry is a competitive industry and it is in long run equilibrium. Now assume that the firms in the industry form a cartel.
Illustrate what effects would their combined actions have on GDP. Illustrate what effect would this have on your industry.
Assume that an engineer is deciding either not to move to northern Virginia or remain at his current job in Milwaukee.
Prepare an salary statement for the month utilizing the contribution format and the variable costing method.
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