A company produces a special new type of TV The company has co able to sell 800 TVs. If the company wants to sell 850 TVs, however, it must lower the price to $1000. Assume a linear demand. What price should the company charge to earn a profit of $883,0007 It would need to charge 5 (Round answer to nearest dollar. If more than one answer, separate with a comma)
Q: C. A travel company is the only provider of holidays (of one week's duration) to two private island…
A:
Q: Give four (4) economic activities that generate both positive and negative externalities
A: An externality is a positive or negative side effect of production or consumption in economics. It…
Q: Suppose that you are a consumption smoother. You expect to live for another 28 years. You just…
A: According to the permanent income hypothesis, people will spend money at a rate that is consistent…
Q: oligopoly
A: A market is defined as the total number of buyers and sellers in a certain area or region. The…
Q: The local farmer's market offers 1 bag of cilantro for $6 or 2 bags for $10. What's the marginal…
A: Marginal cost alludes to the increment or lessening in the expense of producing another unit or…
Q: Which of the following statements is correct? A. The manger must produce at Q for which MR = MC…
A: Let profit function is denoted by π(Q), revenue function is denoted by R(Q) and cost function is…
Q: Define purchasing power parity. What is the importance of purchasing power parity when you are…
A: Purchasing Power Parity(PPPs) are the currency conversion rates that try to equalize the purchasing…
Q: When both the demand for and supply of bottld water increase but demand increases by more than…
A: The equilibrium is set up where the demand and supply forces are equal. The Changes in the demand…
Q: Suppose Miriam sets a single price but also charges Shane an entry fee before he can buy any donuts…
A: The equilibrium point in the market represents the maximization of producer and consumer surplus. In…
Q: What is the effect of the following event on the supply of pizzas? If other things remain the…
A: Supply The total quantity of a specific good or service that is made available to customers is…
Q: 1. What are 2 of the steps taken by the government to deal with financial crisis? Explain clearly.…
A: A financial crisis is any of a number of situations in which some financial assets lose a…
Q: Which of the following is NOT a concern for macroeconomics? O A. The level of unemployment caused by…
A: Microeconomics manages costs and production in single markets and the connection between various…
Q: Name and explain the main economic advantage of business combinations. Regarding business…
A: A business combination is an exchange wherein the acquirer gets control of another business.…
Q: 43. Explain the importance of investing early.asap
A: Investing can be defined as the act of resource allocation, mainly money, with the expectation or…
Q: Beth is a hard-working college senior. One Sunday, she decides to work nonstop until she has…
A: Marginal means an addition. Here marginal gain means additional problem's solution by berth for 1…
Q: 9 family orders one pizza to be shared exclusively. gets a fraction S₁ Suppose a by their two…
A: Utility of Child 1 : U(S1 ) = S1 Utility of Child 2 : U (S2) = 3S2 Utility maximizing point is…
Q: The graph shows the market for smartphones . On the graph, draw a point at the market equilibrium…
A: The intersection of demand and supply curve creates the equilibrium in the market which sets the…
Q: What is Comparative Advantage? Why is this theory important to consider for international business?…
A: When a nation can produce a good or service at a lower opportunity cost than another nation, it is…
Q: 6
A: A perfectly competitive market, where there are an infinite number of firms operating, is the…
Q: Rose and Colin play the following dynamic game with Rose moving first. In her first move, Rose has a…
A: In the given game There are 2 players Rose and Colin Playing dynamic 3 games G1,G2 and G3 G1= G2=…
Q: 1. What equal-annual-payment series is required in order to repay each given present amount? (a) Php…
A: The rate of interest that is actually generated on an investment or paid on a loan as a result of…
Q: Suppose you find that MU₁(x₁+x₂)=2x2 and MU₂(x1,x2)=2x1. What is the rate at which the consumer is…
A: Marginal Utility is the additional utility that a consumer gets or receives in the case of the…
Q: According to the figure showing 2020 GDP for selected countries, how much larger (in percentage…
A: GDP is the sum total of market value of final goods and services produced in a country during a…
Q: #8
A: Factors of production are the components used for the process of manufacturing the goods and…
Q: ) You buy a $200,000 house using a 30-year mortgage. At the end of the 15th year you will need to…
A: Equivalent annual cost (EAC) is the annual cost of owning, operating, and maintaining an asset over…
Q: The following represents demand for widgets (a fictional product): QD = 44,444-500P+0.2M - 2PR where…
A: Given data Qd= 44,444-500P+0.2M-2PR Qs=250P=900
Q: 2. Convert 12% compounded semi-annually to "r" compounded quarterly.
A: The formula for effective rate of interest is: r = 1+inn - 1
Q: P1
A: Price Floor is price control which is set by the government. It is the minimum price that can be…
Q: What is the event that changes the quantity of tennis lessons supplied, and what is the event that…
A: Ans. change in quantity supplied = other factors constant, when price of a good changes, quantity…
Q: Using the supply and demand functions below, derive the demand and supply curves if Y=$55,000 and…
A:
Q: How does stability conflict with growth?
A: Growth refers to the rise in the production of goods and services in sustainable manner. The…
Q: Units Produced Labor (hours) Resin (pounds) Capital Invested ($) Energy (BTU) Last Year 1,000 300 55…
A:
Q: I need all of number 4
A: Thank you for the question. According to Bartleby's answering guidelines, we answer only the first…
Q: The term refers to a practice in which employers decide to hire more workers than are required for…
A: Given information, Misallocation-When capital and labor are unfairly spread, less productive…
Q: Illustrate this in a graph using indifference curves and budget lines. Be sure to fully label the…
A:
Q: If the nominal interest is 12% compounded continuously, compute the effective annual rate of…
A: The effective annual interest rate is the genuine interest rate on an investment or loan since it…
Q: Consider the information about the economy of Pakistan. Note that the currency of Pakistan is the…
A: The total monetary worth of all finished goods and services produced in a nation during a given time…
Q: a) What is Economics? b) Differentiate between Microeconomics and Macroeconomics. c)…
A: Note:- Dear learner you have posted multiple questions, as per our policy we have solved only first…
Q: Suppose the Parliament passes legislation making it more difficult for firms to fire workers (an…
A: Unemployment Unemployment refers to people who are employable and actively looking for a job but…
Q: Leather jackets and leather belts are ________. A fall in the price of a leather jacket will…
A: According to the law of demand, as the price rises, the quantity demanded falls. The link between…
Q: Consumer A has a utility function u(x,y) = min{0.5x, 2y) and an income of $250. the price of x is…
A: Consumer utility function shows the relationship between consumption of goods and utility. In case…
Q: 4. Explain whether the following statement is True or False or Uncertain, and why. Water rationing…
A: Water restrictions limit specific purposes of water for instance water system of yards, vehicle…
Q: Based on the information in the table below, determine what quantity this firm should produce to…
A: Given, Quantity Marginal Cost Average Total Cost P=Marginal Revenue Total Cost 0 $…
Q: Like a good economist, you calculated the cost of getting your college degree, including the…
A: Let's summarize the given information Tuition cost in university is $12000 per year The total cost…
Q: 3. Aljon loans P417,800 from a bank with interest at 15% compounded annually, he agrees to pay his…
A: Present value (PV) is the ongoing value of a future amount of money or stream of cash flows given a…
Q: Review the neoclassical model's basic microeconomic presumptions regarding customer behavior.
A: Neoclassical model: This term refers to a model in which supply and demand is used to account for…
Q: Empirical studies that have examined the longer-term effects of increasing the minimum wage Find…
A: Least wages have been characterized as the base measure of wages that a business is expected to pay…
Q: Economics Write a brief summary on Demand, Supply, and Equilibrium in Markets for Goods and…
A: Economic planning is an asset portion instrument in view of a computational method for taking care…
Q: Revenue and cost figures can be observed in the table below for Greensons Organic. Use the…
A: A perfectly competitive firm is a price taker, which means it takes the price set by the market…
Q: 8. Sales decrease in a country that is expanding and decrease in another that is economically in…
A: In an economy, sales refers to selling goods and services at the marketplace by producers to earn…
Step by step
Solved in 2 steps
- (b) You are the CEO for a lightweight compasses manufacturer. The demand function for the lightweight compasses is given by p = 40−4q2where q is the number of lightweight compasses produced in millions. It costs the company $15 to make a lightweight compass. (i) Write an equation giving profit as a function of the number of lightweight compasses produced. (ii) At the moment the company produces 2 million lightweight compasses and makes a profit of $18,000,000, but you would like to reduce production. What smaller number of lightweight compasses could the company produce to yield the same profit?A company produces a special new type of TV. The company has fixed costs of $498,000, and it costs $1300 to produce each TV. The company projects that if it charges a price of $2400 for the TV, it will be able to sell 700 TVs. If the company wants to sell 750 TVs, however, it must lower the price to $2100. Assume a linear demand What is the maximum profit that can be reached? It is $ (Round answer to nearest cent.)A publisher has the following table of demand for the next novel by one of its famous authors: Price Number of novel in demand 100 0 90 1 80 2 70 3 60 4 50 5 40 6 30 7 20 8 10 9 0 10 The author is paid $2 to write the book (Fixed Cost or FC) and the marginal cost (MC) of publishing it is a constant $10 per book. a) Calculate the total revenue, total cost, and corresponding profits for each quantity. What quantity would a profit-maximizing publisher choose? What price would he set? b) Calculate marginal revenue. How does marginal revenue compare to price? Explain. c) Plot the marginal revenue (MR), marginal cost (MC), and demand (D) curves. At what quantity do the marginal revenue and marginal cost curves intersect? What does this mean? d) Obtain the economic profits (EP) of this monopolist and graph.
- you are an accountant for a manufacterer of radios. the demand function for the tablets is p= 40-4x2 where x is the number of tablets produced in millions. it costs the company $15 to make a tablet. write an equation for the manufactures profit as a function of the number of tablets produced. the company currently produces 1 million tablets and makes a profit of $21000000, but you would like to scale up production a bit, what greater number of tablets could the company produce to yield the same profitA manufacturer can produce a gizmo at a cost of $6 apice. He sells this gizmo for $10 ,and at this price 10 gizmos are sold each day. The manufacturer figures that each $3 dollars decrease in price will sell 3 additional goods each day. Write out the Demand and Profit functions. What price xmaximizes profit?A local newspaper currently has 84,000 subscribers at a quarterly charge of $30.Market research has suggested that if the owners raise the price to $32, they wouldlose 5,000 subscribers. Assuming that subscriptions are linearly related to theprice, what price should the newspaper charge for a quarterly subscription tomaximize their revenue?a) Find the cost function (Hint: find slope and use point-slope form to find thecost function) b) Find the revenue function c) Find the maximum revenue d) Find the profit function
- A bakery that produces 100 loaves of bread has a variable cost of $50 and a fixed cost of $200. Calculate the total cost, average total cost, average variable cost, and average fixed cost of the bakery. 50 units of an output is supplied when the price is OMR 10. When price increases to OMR 20, the units of output supplied will be 80. Calculate elasticity of supply and comment on its elasticity.Bill runs a business that makes custom-printed towels. It will cost him $8 each to purchase and print on towels, and he will have to pay a rent of $1,700 per month for him workshop. Based on market research, Bill estimates that he can sell custom towels for $25 each. a) Calculate the number of towels he needs to sell per month to break-even. towels b) Calculate the break-even in dollars (round off to the nearest cent).You are the owner of a car dealership and you practice “no haggle” sales policy. Last year, you made a record profit of GHC 1.5 million. Your dealership competes in a market with price elasticity of demand of -1.3. Your marginal cost is GHC 12000. How much should you charge to maintain your record profit?
- The publisher of a magazine gives his staff the following information: Current price Current sales Current revenue Current total costs $2.00 per issue 150,000 copies per month $300,000 per month $450,000 per month He tells the staff, "Our costs are currently $150,000 more than our revenues each month. I propose to eliminate this problem by raising the price of the magazine to $3.00 per issue. This will result in our revenue being exactly equal to our cost." Refer to the table above, which of the following statements is correct? The publisher's analysis is correct only if the demand is elastic. The publisher's analysis is correct only if the demand is perfectly elastic. The publisher's analysis is correct only if the demand is unit elastic. The publisher's analysis is correct only if the demand is perfectly inelastic.You are the CEO for a lightweight compasses manufacturer. The demandfunction for the lightweight compasses is given by p = 40 − 4q2where q is the number of lightweight compasses produced in millions.It costs the company $15 to make a lightweight compass.(i) Write an equation giving profit as a function of the number of lightweight compasses produced.Happy Go Lucky Electric Company is the only company providing electric power to the city of Go Lucky. The accompanying graph depicts their marginal costs (MC), total costs (ATC), demand (D), and marginal average t revenue (MR). Move point E to the firm's profit maximizing price and quantity. At the profit maximizing point, what is Happy Go Lucky level of profit? 0 $150 $90 -$30 Price and Costs ($/unit) 10 9 8 7 6 10 4 3 2 1 0 0 5 10 15 20 25 30 35 MR MC 0 ATC D 40 45 50