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You are the owner of a local Honda dealership. Unlike other dealerships in the area, you take pride in your "No Haggle" sales policy. Last year, your dealership earned record profits of $1.7 million. In your market, you compete against two other dealers, and the market-level price elasticity of demand for midsized Honda automobiles is -1.8. In each of the last five years, your dealership has sold more midsized automobiles than any other Honda dealership in the nation. This entitled your dealership to an additional 25 percent off the manufacturer's suggested retail price (MSRP) in each year. Taking this into account, your marginal cost of a midsized automobile is $11,000.
What price should you charge for a midsized automobile if you expect to maintain your record sales? Instruction:
Round your answer to two decimal places. $
Has the U.S. economy achieved full employment equilibrium yet (let’s say within 0.1%)? Explain how we define ‘full employment’ and how you can tell whether or not that goal has been achieved. find the most recent estimate of the actual unemployment r..
Suppose that a firm's only variable input is labor. The firm increases the number of employees from four to five, thereby causing weekly output to rise by two units and total costs to increase from $3,000 per week to $3,300 per week.
Select one individual and one organizational barrier to innovation. What criteria would you use to determine how these barriers prevent innovation?
Indicate the types of price discrimination for the cases below. Based on the above examples, explain the difference between these types of price discrimination. Case A1. Gino Pizza offers a lunch special: 5.59$ for a grilled chicken sandwich, a bottl..
Suppose that the company that owns all of the vending machines on your campus has doubled the price of a can of soda, but they still sell almost the same number of sodas per day because:
The optimal number of traffic deaths in the United States is zero." "Any pollution is too much pollution." "We cannot pull U.S. troops out of Afghanistan. We have committed so much already."
If the government decided to impose a 20% tax on red t-shirts, would the government generate a large or small increase in revenue? Use the concept of elasticity to explain your answer.
Why would the gov't want to limit gas price increases? Isn't that exactly what we want to happen (price increases), to allocate scarce resources? Is the gov't in the 'price control' business, and if they are, how does this work, in free-market capita..
Compute the price elasticity of demand for paint and show your calculations. b) Decide whetherthe demand for paint is elastic, unitary elastic, or inelastic. c) Explain your reasoning and interpret your results
Dan Demaar and Rob Runten are working on a class assignment on economic growth. Dan collects the GDP growth data for the country Fanez, which is located in the Middle East.
Illustrate what are some of the downside risks also potential problems involved when using fiscal policy.
When Bonnie increases the consumption of Good A and decrease the consumption of Good B, her marginal utility of...
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