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The demand curver for your firms product is linear.Based on recent sales data you have determined that at the current price the price elasticty of demand is .80.
A. Is the current price on the upper or lower portion of the demand curve?
B. If you want to increase your total revenue, should you increase or decrease your price?
C. Will you move upward or downward along the demand curve?
Derive the firm's supply curve, expressing quantity as a function of price. Derive the market supply curve if North Carolina Textiles is one of 1,000 competitors. Calculate market supply per day at a market price of $47 per unit.
Find an expression for average costs (AC) and average variable costs (AVC). Graph them together with marginal costs and find the firm's short run supply curve. Is the whole curve relevant to the long run?
A price discriminating monopolist produces two products that exhibit the following price elasticities of demand and does anybody can have a dominant strategy? Explain.
Knowledge of economic theory to describe how these policy responses were expected to reduce the health hazards of alcohol consumption in the community.
Based on the Coase theorem, if private parties can bargain without expense, then the private market will solve the problem of externalities
One of the partners favors moving downtown because she believes the additional business gained by moving downtown will exceed the higher rent at the downtown location plus the cost of making the move.
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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 the graphic that showed the possibility of declining..
In 2005, hogs in the US were selling for $67 each, down from $75 a year ago. This was primarily due to fact that supply had raise during the period to 1.8 million hogs per week.
What is the average fixed cost for the third unit of output and what is the average variable cost for the 5th unit of output?
At a management luncheon, two managers were overeat arguing about the following statement "A manager must never hire another worker if new person diminishing returns". Is this statement correct? If so, why? If not, discuss why not?
Draw two hypothetical iso-cost curves: one with annual leasing cost per vehicle being relatively inexpensive to the annual salary per mechanics, and another with annual leasing cost per vehicle being more expensive to the annual salary of mechanic..
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