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When the iPad was introduced, Apple’s, Apples constant marginal cost of producing this iPad was about $220. We estimate that Apple’s inverse demand function for the iPad was P= 770 – 11Q, where Q is millions of iPad purchased.
a. What were its profit maximizing quantity and price? Show all your work.
b. Given that the Lerner’s index for the iPad was (P – MC)/p = 0.56, what was the elasticity of demand at the profit maximizing level. Show your work.
Estimate the linear model described in part (a) using Ordinary Least Squares regression and display your regression results.
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Indifference theory can explain all rational choices and behavior..Try the theoryout on this situation. Suppose the only consideration for couples to have a bby or not was money
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Jean views coffee and cream as perfect complements. In the first period, Jean picks an optimal bundle of coffee and cream, e1. In the second period, inflation occurs, the prices of coffee and cream change by dif- ferent amounts, and Jean receives ..
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