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You own a pharmaceutical company that is specialized in the manufacture of medicine for smokers. You newly patented an innovative drug called Clealung, which drastically reduces the smokers' likelihood of lung cancer. You are the only maker of the medicine and there are no same products in the market. Your costs for producing Clealung can be explained by:
a) Write down your firm's profits in two ways: (i) as a function of the price per box and (ii) in terms of the quantity.
b) Maximize both profit functions, and illustrate that in both cases ??MR=MC at the optimum. In addition, compute the profit.
A monopolist faces a straight line demand curve which passes through the point Rs 10 per ton on the price-cost axis and through the point 8000 tons on the quantity axis. The fir
Q. Explain Price elasticity and total revenue? Given the relationship between price elasticity and marginal revenue of demand in Eq. II, the decision-makers can simply know whe
Problem 1: You are the manager of a reputed five star hotel in Mauritius and you have been asked by the director of the hotel to advise on possible pricing strategies to increa
What limitations are inherent in the economist’s view of pricing?
Q. Optimal Input Combination for Maximisation of Output? Equilibrium conditions of the firm are identical to the above situation which is, iso-cost line must be tangent to the
You're standing at three light switches at the bottom of stairs to the attic. Each one corresponds to one of three lights in the attic, but you cannot see the lights from where you
Arc Elasticity Is the average elasticity between two given points on the curve, i.e. Because of the negative relationship between price and quantity demanded, pr
Describe the Optimisation of managerial economics Optimisation techniques are perhaps the most vital to managerial decision making. Given that alternative courses of action are
Question : i) Consider a discriminating monopolist is selling a product in two separate markets in which demand functions are: P 1 = 6 - Q 1 P 2 = 18 - 2Q 2 The mono
scope of marginal costing
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