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What characteristics are needed? In recent years who have been some of the most influential and profitable entrepreneurs?
Which of the following is not a determinant of the price elasticity of demand?
You’re the manager for a college football team. Assume you own the stadium and the variable cost per attendant is $0. You’ve been told by your in-house economist that you should set the price of tickets at $50 to maximize profit (at current, you set ..
You are the buyer for your university bookstore. One of the textbooks has a cost to you of $ 100 and you sell it to students for $140. Any copies of the book that you order and do not sell to students can be returned to the publisher for an average $..
Consider the second stage of competition between Samsung, HTC and Sony. Once Apply has chosen some output level q1, Samsung, HTC and Sony will compete simultaneously over their product quantities. Write down the best response functions for Samsung, H..
A certain company's income has been declining steadily over the last three years. If income in year 1 was $100,000 and it declined by $10,000 per year; which of the following is closest to the present worth of the company's total income over the thre..
Suppose the Calloway Cab Company has an exclusive franchise to provide limousine service between the airport and center city. Its total cost is TC = 2400 + 60Q + .50Q2, where Q is rides per day. Find the equation representing total revenue as a funct..
Show that each of these has a diminishing MRS but that they exhibit constant, increasing, and decreasing marginal utility, respectively. What do you conclude?
How do you evaluate NAFTA? What are the pros and cons of NAFTA? Is the United States a winner or a loser in this trade agreement?
Supply and Demand in the Cell Phone Market. As wages increase for Apple Workers, what happens to the price and quantity of iphones? As the price of drone phones decrease, what happens to the price and quantity of iphones? If the government taxes cell..
Suppose the hourly wage is $10 and the price of each unit of capital is $25. The price of output is constant at $50 per unit. The production function is f(E,K) = E½K ½, so that the marginal product of labor is MPE = (½)(K/E) ½ . If the current capita..
Recreation & Sports Equipment Corporation sells a product that is capable of seriously injuring consumers who misuse it in a foreseeable way. Does the firm owe an ethical duty to take this product off the market? What conflicts might arise if the fir..
Under oligopoly, if one firm in an industry significantly increases advertising expenditures in order to capture a greater market share, it is most likely that other firms in that industry.
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