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A trendy French restaurant is one of the first businesses to open in a small corner of a commercial building still under construction. The restaurant has received rave reviews and has lines of diners waiting for tables most nights.
A) In the short run (next few months), what measures should the restaurant take to maximize its profits? Explain.
B) In the long run (next six months and beyond), how can it maximize its profits? (Assume that the impressive state of demand is permanent).
How many homes should be built in a new residential area. The firm has some monopoly power in its local market. Its demand is estimated to be Q = 10 - 1/6 P. What is the revenue-maximizing price and quantity? Explain. What is the profit-maximizing pr..
The three Cs in the 3C strategy for persuasive writing are
Suppose that they are negotiating with two non-drowsy allergy drugs, Claritin and Allegra, for inclusion on the formulary. The "value" or "surplus" created by including one non-drowsy allergy drug on the formulary is $100, but the value of the second..
Explain how a "rising" American dollar will affect. Since the “meltdown” of 2008, many large companies (such as IBM) have issued more debt (corporate bonds) and used the proceeds for research and development to develop new products/product lines. Eff..
Explain how the (r, w) probabilities determine the quality of information: for perfect, for worthless, and imperfect better than pure chance information.
Explain how does the U.S. Government correct for this apparent market failure.
All else equal, if demand is relatively elastic and supply is relatively inelastic, a tax on a product will cause:
Hamsung , Inc., a manufacturer of electronic appliances, estimated the unit cost of one of its products as follows: Material costs $ 63 Labor costs $ 24 Overhead $110 $197 The overhead cost is made up of $50 per unit variable costs and $60 per unit f..
How would you determine the market structure of the video game industry (i.e., perfect competition, monopolistic competition, oligopoly or monopoly? Your discussion should focus on the key characteristics of market structure and how you might measure..
A firm's current profits are $600,000. These profits are expected to grow indefinitely at a constant annual rate of 4 percent. If the firm's opportunity cost of funds is 7 percent, determine the value of the firm:
five firms supplied amateur color film in the United States: Kodak, Fuji, Konica, Agfa, and 3M. From a technical viewpoint, there was little difference in the quality of color film produced by these firms, yet Kodak's market share was 67 percent.
Suppose the current price of oil is $120 per barrel. At its next meeting, OPEC decides to increase crude oil production by 10%. Assume that OPEC accounts for 40% of the world's supply of crude oil and no other nation changes its oil production during..
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