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- The profit-maximizing price is ______Maximizing total revenue is the same as maximizing profit is this true or falseThe point where imperfect competitors will price their products and earn the highest level of total revenues is at the midpoint of the demand curve where total revenues are highest on the total revenue curve. True or False
- A profit-maximizing firm in the short run will expand output Multiple Choice until marginal cost begins to rise. until total revenue equals total cost. as long as marginal revenue is less than marginal cost. as long as marginal revenue is greater than marginal cost.Matching demand with capacity is the focus of_______ management.Leopard golf clubs usually sell for $1300. At this price, the retailer can sell on average 20 sets per week. For every $50 reduction in price, sales of the golf increase by two sets per week. Similarly, for every $50 increase in price, sales decrease by two sets per week. Determine the optimum price to maximize revenue.
- There are 38 nearly identical ABC stores within a one-mile radius in Waikiki. The combined size of these 38 stores allows ABC to offer large quantities at favorable prices. a. ABC gained market power through a.economies of scale b.government protection c.control of an important input . b. ABC’s market power a.does b.does not guarantee that the firm makes an economic profit.The second unit of a good gives less satisfaction to a consumer. This is clearly a case of diminishing returns. True/FalseQ. An industry is “efficient” when: a. Firms maximize profits using MC = MR b. Societies valuation of the product is more than the cost of producing the product (P> MC) c. Firms lower the price to sell one extra unit of output (P> MR) d. Societies valuation of the product is equal to the cost of producing the product (P = MC) e. Firms sell all units of output at the same price (P = MR)
- Demand for an item is constant at 40 units a week, and the economic order quantity is calculated to be 100 units. What is the reorder level if lead time is constant at 4 weeks? What is the effect of adding some margin of safety and raising the reorder level by ten units? What happens if the lead time (a) falls to 2 weeks or (b) rises to 6 weeks?The covid 19 pandemic has had a significant impact on the clothing industry. With more people working from home, the demand for business attire dramatically decreased. In the short run, a struggling business attire retailer should temporarily shut down if at the profit-maximizing or loss minimizing point the marginal revenue curve isAdvertising could lead to lower prices a. if the advertising focusses on making demand as inelastic as possible b. if economies of scale achieved from more output exceed the advertising cost. c. if the advertising shifts the demand curve to the left. d. if the advertising intensity is low. e. under no circumstances, since the advertising costs money.