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Suppose that you are hired as consultant to a firm producing a therapeutic drug protected by a patent that gives a firm a monopoly in two markets. The drug can be transported between the two markets at no cost. The demand schedule in the first market is Q1=100-0.5P1, where P1 is the price of the product and Q1 is the amount sold in the market. In the seconds market, the demand is Q2=140-P2, where P2 is the price of the product and Q2 is the amount sold in the market. The firm's overall marginal cost is MC=20+Q1+Q2. What price(s) should the firm charge in these markets? What will be firm's profit?
Assume that a national restaurant firm called BBQ builds 20 new restaurants at a cost of $1 million per restaurant. It outfits each restaurant with an additional $300,000 of equipment and furnishings
Elaine as senior partner can make a take-it-or-leave it offer to her junior partner John to undertake a project and split the profits of $10,000. She considers just two offers: an 80-20 split (favoring Elaine), or a 50-50 split.
a) Use exponential smoothing with a smoothing constant of .6 to produce forecasts from the data. Use 2500 as your forecast of demand for week 2. b) Use exponential smoothing with a smoothing constant of .3 to produce forecasts from the data. Use ..
Tennessee just instituted a state lottery. The initial jackpot is $100,000. If the first week yields no winners, the next week's jackpot goes up, depending on the numbers of previous players who placed the lottery bets
A corporation is interested in knowing which potential sales are next year if you use $20,000 in advertising expenses. The corporation uses the data from previous years to make its sales forecast.
Provide an estimate of the cross-price elasticity of demand for gasoline, both with respect to new cars and with respect to used cars. Are these estimates statistically significant? Do they align with economic theory? Give an interpretation of y..
A security analyst specializing in stocks of motion picture industry the relation in number of movie theater tickets sold in December and the annual level of earnings in motion picture industry.
State carefully the ceteris paribus assumption in this case. Do you think this simple regression of Y on X satisfies that assumption? Why or why not?
Wishwell Tile Corporation uses the number of construction permits issued to help estimate demand. The company collected the following information on yearly sales and number of construction permits issued in its market area:
The given information is the quarterly sales of gasoline in the U.S. in millions of barrels during part of the 1980s and the 1990s. Determine the linear trend and use it to forecast sales for first quarter of 1992.
State what is its distribution under the null and why and explain the conditions under which you would reject H0
Recognize economic forecasts for real GDP, the unemployment rate, the inflation rate, a key interest rate, and the value of the dollar.
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