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CidraPharm has historically produced and sold drugs for animals; however, one of its products developed for animal use has recently been approved for a similar use in humans. Market research has revealed that that at the current per dose price, the elasticity of demand on the part of animal owners is -2.0. The research also estimates that at this price the elasticity of demand for human use would be -.2. The current price is $5.00 per dose. If the MC of production is $1, what should the company do?
A construction company is considering procuring one of two types of heavy construction equipment (A and B). Each type of equipment is expected to have a 5-year useful life with zero salvage value. Equipment A can be purchased at a cost of $30,000,..
Initally, the population of Cape Despair is constant and real GDP per hour of labor is at the subsistence level of $15. Then a technological advance shifts the production function upward by 50 percent at each level of labor.What are the initial le..
Solve Tracy's problem of how often to go to the ATM when nominal interest rate on her bank account is 10%, she spends $30 each day, it cost her $0.50 each time she uses the atm, and she thinks that there is a 15% chance.
Explain why this firm would not try to sell more output by undercutting the market price. A calculation is not necessary but you may choose to use it as your explanation. What will happen in this industry in the long run
Give a numerical example to show that a monopolist's marginal revenue can be upward sloping over part of its range. Hint: The price on the demand curve is the producer's average revenue. Think of a graphic that shows the possibility of declining a..
One of the measures used in studying health and obesity is the Body Mass Index (BMI). A BMI measure between 20 and 25 is considered healthy; a measure of over 30 makes a person obese. The average BMI in the United States rose from 25 to about 27.7..
Instead of a lump-sum payout, this policy aims to make the firms more efficient. The proposed policy uses the 10 units to fund investments in productivity. Therefore the firm does not recieve a lump sum transfer. Rather, the firm now has a 5% incr..
Determine the two equal deposits, the first deposit required now and the second deposit at the end of year 6, so that you can withdraw $2,000 at the end of each year for the next 12 years. Assume that money earns 4% interest, compounded monthly.
Susan is considering buying a 2011 Smart ForTwo costing $21,635 and finds that the retaining values of the vehicle over next five years are as follows: Percent of the total value retained after 36 months: 28% Percent of the total value retained aft..
Workers in Wet Seal and Forever 21 stores are considering forming unions in each store. The potential unions have information on labor demand. For Wet Seal, when the wage rises from $8 to $10, Wet Seal will reduce labor demand from 800 to 700.
What will happen to the price of the bond that pays $3 per year (Suppose that interest rates are 6% in the economy and a safe bond promises to pay $3 per year in interest forever. What do you think the price of the bond will be Why
Suppose that the government cuts net taxes by $10 billion. These are lump sum taxes. To keep its budget balanced at its current level, it also reduces its spending by $10 billion. Which summarizes the impact of the government's policy action on eq..
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