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Smith and Wesson have written a new managerial economics book for which they receive royalty payments of 15 percent of total revenue from sales of the book. Because their income is tied to revenue, not profit, they want to maximize total revenue. However the publisher’s objective is maximum profit. If the total revenue function is TR=100,000Q-10Q^2 and the total cost function is TC=10,000+20Q+Q^2 determine A) the output rate that will maximize total royalty revenue and the amount of royalty income hat smith and Wesson would receive. B) The output rate that would maximize profit to the publisher. Based on this rate of output, what is the amount of royalty income smith and Wesson would receive? Compare the royalty income of smith and Wesson to that determined in part (a).
Jimbob’s Garage is the only auto repair facility in a remote area of the Nevada desert. The proprietor, Jimbob, does not post his prices for services. Knowing his customers are travelers who are desperate to get their vehicles repaired, he sizes each..
A cost-effective policy is always socially efficient. Enforcement costs are critical to the success of environmental program and should be included in the overall social costs of the program when evaluating different policy options
How is the effectiveness of team selling demonstrated by the Reynolds team, and what are some of the vantages to this method in this particular case?
The five basi modes of transportation have been available for well over 50 years. Is this the way it will be always be, or can you identify a sixth mode that may become economically feasible in the foreseeable future?
Given current employment, the marginal product of the last worker in Mexico is 100, and the marginal product of the last worker in the U.S. is 500.
Why is the concept of elasticity important? What does it tell economists? Tell whether you would classify automobile production as either elastic or inelastic in the short run and long run. (Keep in mind that we are talking here about supply elastici..
Identify opportunity cost of increase divestment. What will happen to future production possibilities if investment increases.
Analyze a two-period model for the market of computers in which two firms operate. Firm 1 only produces in period 1 and is endowed with an old technology providing a quality level vO to consumers. Firm 2 is a potential entrant in period 2 and it is a..
Illustrate what are the fours upply factors of economic grwoth. what is the demand factor? What is the efficiency factor.
Bill gets utility from consuming food (F) and clothing (C) represented by the following utility function: U(F,C) = FC + F. The price of food is $1 per unit and the price of clothing is $2 per unit. Bill’s income is $22. Find the utility maximizing ch..
Cara has available h = 3000 hours per year for participating in the labor market and for leisure. She gets a wage w = $18 for the first 2,000 hours of work. If she works more than that, the wage on the additional hours is increased by 50%. She receiv..
Read the following article: “Porter or Mintzberg: Whose View of Strategy Is the Most Relevant Today?”. What is the difference between deliberate strategies and emergent strategies? How might emergent strategies help with a future strategic planning p..
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