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DULO Eds is expensive to Illalluidclure diu uistinute auto gas is a "normal good"...
A good is considered normal when its income elasticity of demand is ___ and inferior when the...
A good is considered normal when its income elasticity of demand is ___ and inferior when the its income elasticity of demand is ___. Greater than zero, less than zero. Less than zero, greater than zero. Greater than one, less than one. Less than one, greater than one. If an increase in prices decreases total revenue in the short run, what will it do to total revenue in the long run? It will decrease total revenue in the long run. It...
QUESTION 13 costs. Accounting profits are equal to total revenues minus Implicit Explicit Explicit and Implicit...
QUESTION 13 costs. Accounting profits are equal to total revenues minus Implicit Explicit Explicit and Implicit Total QUESTION 14 The equilibrium price and quantity of a good are found where the supply and demand curves intersect. True False QUESTION 16 If price elasticity of demand is less than 1, it is Elastic Unit Elastic Inelastic Perfectly Elastic QUESTION 17 Perfectly competitive firms set the price at the point where they can maximize their profits. True False QUESTION 18 What is...
QUESTION 23 When a good or service is a luxury, its price elasticity of demand tends...
QUESTION 23 When a good or service is a luxury, its price elasticity of demand tends to be Elastic Inelastic Unit Elastic Unknown QUESTION 24 A decrease in the price of a product that a firm sells will cause the demand for it to increase. True False QUESTION 25 Economic profits are equal to total revenues minus Only implicit costs Only explicit costs Implicit and explicit costs Marginal cost QUESTION 26
Question 27 (1 point) Imposing a per unit tax on a perfectly_price discriminating monopolist will have...
Question 27 (1 point) Imposing a per unit tax on a perfectly_price discriminating monopolist will have an uncertain impact on output. shift out the consumer demand curve. reduce its output increase its output. Question 28 (1 point) In a Cournot duopoly model with inverse market demand P = a - bQ, where a and b are positive constants, and zero marginal costs for both firms, the output and price for each duopolist are, a/b and 0. 2a/3b and a/3. a/3b...
Refer to Figure 5-1. A perfectly elastic demand curve is shown in Panel D. Panel A. Panel C...
Refer to Figure 5-1. A perfectly elastic demand curve is shown
in
Panel D.
Panel A.
Panel C.
Panel B.
Refer to Figure 5-5. The data in the diagram indicates that
DVDs
are luxury goods.
are both luxury goods and price inelastic goods.
are price inelastic goods.
are both necessities and price inelastic goods.
are necessities.
3-
Consider the following pairs of items:
a. shampoo and conditioner
b. iPhones and earbuds
c. a laptop computer and a desktop computer
d....
Question 7 5 pts Let's say that you know the following information for an oligopoly firm:...
Question 7 5 pts Let's say that you know the following information for an oligopoly firm: Total Revenue equals $200 million. Variable Costs are $170 million. Fixed Costs equal $20 million. The firm is currently producing 2,000 products at the MC = MR point (and the MC curve is rising). What recommendation do you have for this firm? Assuming the firm's costs remain the same, the firm should produce fewer products in order to decrease its marginal costs. The profit...
PLEASE SCROLL RIGHT FOR THE FULL QUESTION 1) Apple, Inc. is launching it's next version of...
PLEASE SCROLL RIGHT FOR THE FULL QUESTION 1) Apple, Inc. is launching it's next version of iPhone, the iPhone X, and needs your help to determine how to price the phone. Here are some facts related to the iPhone costs, sales and investment: - The unit cost to produce and sell an iPhone is $150. -Apple wishes to make a 40% return on iPhone sales. - Apple wishes to make a 70% return on the $850 million in capital invested...
QUESTION 5 Stone Company plans to sell 200,000 calculators. The fixed costs are $600,000, and the...
QUESTION 5 Stone Company plans to sell 200,000 calculators. The fixed costs are $600,000, and the variable costs are 60% of the selling price. If the company wants to realize a profit of $120,000, the selling price of each calculator must be: $5.00 $7.50 $9.00 $10.00 QUESTION 6 Brower Company manufacturers and sells one product for $100 per unit. The variable costs per unit are $70, and the monthly total fixed costs are $3,750. Last month Brower sold 100 units...
QUESTION 22 In a competitive market the price is $8. A typical firm in the market...
QUESTION 22 In a competitive market the price is $8. A typical firm in the market has ATC - S6, AVC - S5, and MC - $8. How much economic profit is the firm earning in the short run? a. $2 per unit b. Si per unit c. $0 per unit Od.$3 per unit QUESTION 23 Which of the following factors is most likely to shift IBM's total cost and marginal cost curves downward? a. a technological advance resulting in...
Question 6 e and f 5) Base scenario calculations: Using the Profit Formula calculated in 5)...
Question 6 e and f
5) Base scenario calculations: Using the Profit Formula calculated in 5) above, calculate the following assuming TrucBeat produces and sells 6,000 units as their "base" scenario Sales Revenue 6,00 SIL - 3.045,00 Net Operating Income 1,778. Ob Contribution Margin 2.052/ Contribution Margin Contribution Margin percent 2.082,0/3,091,00 87.252 Break-even in units 304,0*/62087, 00/000304,00) 347 976 units Break-even in dollars 3040/67.25 452,046 Margin of safety in units 6.400- 76+ 5.124 wnik Margin of safety percent (3.06,0 -...
QUESTION 13 costs. Accounting profits are equal to total revenues minus Implicit Explicit Explicit and Implicit Total QUESTION 14 The equilibrium price and quantity of a good are found where the supply and demand curves intersect. True False QUESTION 16 If price elasticity of demand is less than 1, it is Elastic Unit Elastic Inelastic Perfectly Elastic QUESTION 17 Perfectly competitive firms set the price at the point where they can maximize their profits. True False QUESTION 18 What is...
QUESTION 23 When a good or service is a luxury, its price elasticity of demand tends to be Elastic Inelastic Unit Elastic Unknown QUESTION 24 A decrease in the price of a product that a firm sells will cause the demand for it to increase. True False QUESTION 25 Economic profits are equal to total revenues minus Only implicit costs Only explicit costs Implicit and explicit costs Marginal cost QUESTION 26
Question 27 (1 point) Imposing a per unit tax on a perfectly_price discriminating monopolist will have an uncertain impact on output. shift out the consumer demand curve. reduce its output increase its output. Question 28 (1 point) In a Cournot duopoly model with inverse market demand P = a - bQ, where a and b are positive constants, and zero marginal costs for both firms, the output and price for each duopolist are, a/b and 0. 2a/3b and a/3. a/3b...
Refer to Figure 5-1. A perfectly elastic demand curve is shown
in
Panel D.
Panel A.
Panel C.
Panel B.
Refer to Figure 5-5. The data in the diagram indicates that
DVDs
are luxury goods.
are both luxury goods and price inelastic goods.
are price inelastic goods.
are both necessities and price inelastic goods.
are necessities.
3-
Consider the following pairs of items:
a. shampoo and conditioner
b. iPhones and earbuds
c. a laptop computer and a desktop computer
d....
Question 7 5 pts Let's say that you know the following information for an oligopoly firm: Total Revenue equals $200 million. Variable Costs are $170 million. Fixed Costs equal $20 million. The firm is currently producing 2,000 products at the MC = MR point (and the MC curve is rising). What recommendation do you have for this firm? Assuming the firm's costs remain the same, the firm should produce fewer products in order to decrease its marginal costs. The profit...
QUESTION 22 In a competitive market the price is $8. A typical firm in the market has ATC - S6, AVC - S5, and MC - $8. How much economic profit is the firm earning in the short run? a. $2 per unit b. Si per unit c. $0 per unit Od.$3 per unit QUESTION 23 Which of the following factors is most likely to shift IBM's total cost and marginal cost curves downward? a. a technological advance resulting in...
Question 6 e and f
5) Base scenario calculations: Using the Profit Formula calculated in 5) above, calculate the following assuming TrucBeat produces and sells 6,000 units as their "base" scenario Sales Revenue 6,00 SIL - 3.045,00 Net Operating Income 1,778. Ob Contribution Margin 2.052/ Contribution Margin Contribution Margin percent 2.082,0/3,091,00 87.252 Break-even in units 304,0*/62087, 00/000304,00) 347 976 units Break-even in dollars 3040/67.25 452,046 Margin of safety in units 6.400- 76+ 5.124 wnik Margin of safety percent (3.06,0 -...
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