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Suppose a prot-maximizing monopolist is producing 800 units of output and is charging a price of $40 per unit.
a. If the elasticity of demand for the product is $ 2, nd the marginal cost of the last unit produced.
b. What is the firm's percentage markup of price over marginal cost?
c. Suppose that the average cost of the last unit produced is $15 and the rm's xed cost is $2,000. Find the firms prot.
A local video store estimates their average customer's demand per year is Q = 7 -2P, and knows the marginal cost of each rental is $0.5. How much should the store charge for each rental if it engages in optimal two part pricing
Normal people are willing to pay $250, and their desire to purchase does not vary with time. Ignore the time value of money and compute the optimal pricing scheme of the iPhone. Assume that there are equal numbers of each customer type, and that t..
You are the manager of a Mom and Pop store that can buy milk from a supplier at $2.00 per gallon. If you believe the elasticity of demand for milk by customers at your store is -3, then your monopoly price is.
What is the profit-maximizing number of sheep to own for the 10 farmers Q7. What is your optimal choice if the other 9 farmers choose to own 5 sheep Q8. What is your optimal choice if the other 9 farmers choose to own 6 sheep Q9. What is your opt..
A retailer has offered you two options to purchase kitchen and laundry appliances: A. $3598.88 cash today; or B. a down payment of $912.50 plus three additional identical payments 80 days, 160 days, and 320 days from today.
Derive the intertemporal Euler equation and what is the optimal level of C1 given the endowments, R, and ? What?s theoptimal level of C2?
Each firm knows that the other firm will cooperate as long as they have not been cheated. Once cheated, each firm will not cooperate ever again. You are firm 1. Your discount rate is 0.3. Compare the present value of cooperating to the present val..
Robertson Inc. wishes to set aside lump sum money to withdraw from and invest in automating parts of its business over the next 5 years. This money is expected to earn compound interest at the rate of 10% per year.
What is the short-run marginal cost curve b) What is the equation for average variable cost c) What is the minimum level of average variable cost d) What is the firm's short-run supply curve
Lenny's, a national restaurant chain, conducted a study of factors affecting demand. The following variables were defined and examined for a random sample of thirty of its restaurants:
The inverse-market demand curve for DRAM chips is P = 50 - Q, where Q is the total industry output and P is the market price. The marginal cost of producing DRAM's is $15. There are no fixed costs associated with producing the chips.
The daily wage (per worker) is $70, and the price of the firm's output is $32. The cost of other variable inputs is $2,000 per day. You are told that the firm's fixed cost is "high enough" so that the firm's total costs exceed its total revenue.
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