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VetPharm has historically produced and sold drugs for animals; however, one of its products developed for animal use has recently been approved for a similar use in humans. Market research has revealed that that at the current per dose price, the elasticity of demand on the part of animal owners is -2.0. The research also estimates that at this price the elasticity of demand for human use would be -.2. The current price is $5.00 per dose. If the MC of production is $1, what should the company do? a. reduce animal price; reduce human price. b. raise animal price; raise human price. c. reduce animal price; raise human price. d. raise animal price; reduce human price.
How responsive to demand is each in the market period and describe what a manufacturer of each product might do in the short run to increase production.
Would you consider the demand for eggs to be elastic or inelastic and illustrate and explain with a diagram how can the Government intervene and correct this situation
Explain the concepts of consumer surplus and producer surplus, and then use these to demonstrate that a price ceiling is less efficient than equilibrium in a supply and demand analysis. Articulate why the price ceiling results in either a shortage..
1. If interest rates or opportunity costs investment, happened to be the same in both developed countries and emerging economy nations, what could account for faster upward shifts in the latter group's planned investment functions 2.Are stocks of ..
In working out your responses to the Discussion Question, you should choose examples from your own experience or find appropriate cases on the Web that you can discuss. Credit will be given for references you make to relevant examples from real compa..
A change in the meeting time of the introductory one’s decision to go swimming economics course from 11:00 A.M. to 7:30 A.M. on one’s decision to attend the lectures
how can an economy that is below its potential output level attain equilibrium at potential output and shift the aggregate demand schedule to the left?
In a situation in which a gift certificate leads a consumer to purchase a greater quantity of an inferior good than he or she would consume if given a cash gift of equal value. Is this always the case. Explain.
it's dominated by two firms, AMD and Intel. Yet price competition between those two firms is fierce, driving their profits down. Why is there greater price competition between rival computer chips than between rival computer operating systems
A private pilot wishes to insure his airplane for $200,000. The insurance company estimates that a total loss may occur with probability 0.002, a 50% loss with probability 0.01, and a 25% loss with probability
How does competition affect profits and prices? What causes some firms to enter an industry, and others to leave it?
Using concepts used just in Microeconomics(and ignoring any that you might think relevant from Macroeconomics), what does economics have to say about global warming. Is the lesser role for he market and of competition in China.
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