Calculate the profit maximizing price if MC = $8.00 and price elasticity for a firm's product equals
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 85% (14 reviews)
When profit...View the full answer
Answered By
JAPHETH KOGEI
Hi there. I'm here to assist you to score the highest marks on your assignments and homework. My areas of specialisation are:
Auditing, Financial Accounting, Macroeconomics, Monetary-economics, Business-administration, Advanced-accounting, Corporate Finance, Professional-accounting-ethics, Corporate governance, Financial-risk-analysis, Financial-budgeting, Corporate-social-responsibility, Statistics, Business management, logic, Critical thinking,
So, I look forward to helping you solve your academic problem.
I enjoy teaching and tutoring university and high school students. During my free time, I also read books on motivation, leadership, comedy, emotional intelligence, critical thinking, nature, human nature, innovation, persuasion, performance, negotiations, goals, power, time management, wealth, debates, sales, and finance. Additionally, I am a panellist on an FM radio program on Sunday mornings where we discuss current affairs.
I travel three times a year either to the USA, Europe and around Africa.
As a university student in the USA, I enjoyed interacting with people from different cultures and ethnic groups. Together with friends, we travelled widely in the USA and in Europe (UK, France, Denmark, Germany, Turkey, etc).
So, I look forward to tutoring you. I believe that it will be exciting to meet them.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Microeconomics An Intuitive Approach with Calculus
ISBN: 978-0538453257
1st edition
Authors: Thomas Nechyba
Question Posted:
Students also viewed these Managerial Accounting questions
-
There are other methods for finding the profit maximizing price and quantity using marginal revenue and marginal costs. If you know the marginal cost, marginal revenue and the price elasticity of...
-
If the elasticity of demand for hamburgers equals 1.5 and the quantity demanded equals 40,000, predict what will happen to the quantity demanded of hamburgers when the price increases by 10 percent....
-
Price elasticity of demand for GM cars is -2.0 Cross-price elasticity between GM cars and those of its competitors is +0.5 Cross-price elasticity between GM cars and gasoline is -0.3 A.Income...
-
The data below are the calories and grams of sugar in some popular store bought cookies. Calories 143 Grams of Sugar 12 97 9 200 11 149 19 84 4 57 9 198 21
-
Consider a cogeneration plant for which the utilization factor is 0.5. Can the energy destruction associated with this plant be zero? If yes, under what conditions?
-
If the returns of two stocks have a correlation of 1, what does this imply about the relative movements in the stock prices?
-
A \(205 \mathrm{~mm} \times 245 \mathrm{~mm}\) sheet of wetted fabric is hung up to dry on a warm, sunny day. The still air is at a temperature of \(30^{\circ} \mathrm{C}\) and relative humidity of...
-
The $41 billion dollar firm Uber Technology, Inc., is unsettling the traditional taxi business. In over 40 countries and 240 markets around the world, Uber and similar companies are challenging the...
-
With many companies merging in different countries, are cultures merging too? Why is that important to IHR? Why is human resources in the health care industry just as important as any other industry?
-
1) You and a developer get together to form a corporation that will build a shopping mall on some land you own near a major planned interchange of 1-540. The developer contributes $10 million in...
-
Cinema Theater has estimated the following demand functions for its movies: Daytime demand, QD = 400 - 50 PD Night time demand, QN = 200 - 20 PN The marginal cost of serving another customer is $5...
-
Calculate the profit maximizing price if MC = $8.00 and price elasticity for a firm's product equals -2. Discuss.
-
In general, how many full-time staff members must a worker supervise if that worker is to be considered an exempt executive employee? a. 1 b. 2 c. 3 d. 4
-
Identify and describe fixed, variable, and mixed cost behavior? List and cite references.
-
How is Islamic banking is better than conventional banking? How is conventional Islamic banking (IB) better than conventional banking (CB))? Why do industries choose Islamic banking (IB) over...
-
Why was Activision interested in being acquired? (Provide at least two reasons).
-
Discuss the meaning of sound banking industry.From the risk perspective ,what are the most important factors to consider when running a banking institution?
-
Licking the backs of certain frogs produces visual and hallucinations, memory loss and cognitive dysfunction. What parts of the brain do you think that it affects? What receptors may be involved?
-
Find equations of (a) The tangent plane and (b) The normal line to the given surface at the specified point. z = 3x 2 - y 2 + 2x, (1, -2, 1)
-
What is the expected payoff of an investment that yields $5,000 with a probability of 0.15 and $500 with a probability of 0.85? Select one: O a. $325 O b. $5,500 O c. $2,750 O d. $1,175
-
A random variable x has probability density function Find the maximum likelihood estimator for θ. 1 %3D 0
-
A lot consists of N transistors, and of these M (M Determine the joint probability function for X1 and X2. What are the marginal probability functions for X1 and X2? Are X1 and X2 independent random...
-
When the sample standard deviation is based on a random sample of size n from a normal population, it can be shown that S is a biased estimator for . Specifically, (a) Use this result to obtain an...
-
Provide a numerical example to illustrate how carry trade works?
-
If there are 3 6 0 million people living in the U . S , and 2 7 0 million are eligible workers while 1 5 0 million are in the labor force with 3 . 6 % unemployed, what is the number of unemployed...
-
Refer to the information provided in Figure 8.8 bele to answer the questis that MC Coper 12 ATC P-MR 200 700 1000 1400 Bushels of soybeans 283 Figure 8.8 26) Refer to Figure 8.8. This farmer's...
Deekin 2 Pieces Golf Ball Retriever Aluminum Picker Upper Tube 38.58 - ISBN: B0BGPV5RPW - Free Book
Study smarter with the SolutionInn App