MindTap Economics, 1 Term (6 Months) Printed Access Card for Mceachern's ECON MACRO, 6th
6th Edition
ISBN: 9781337915595
Author: William A. McEachern
Publisher: Cengage Learning
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Question
Chapter 1, Problem 4P
To determine
The rationality to increase the delivery area by one mile and whether it would affect profitability.
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QUESTION 1
Demand equation for a product is P = 100 – 0.01Q and the total
cost is TC = 50Q + 10000
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(a). Write down the equation for the total revenue.
(b). Write down the equation for the profit.
(c). Find the value of Q when the firm breaks even.
(d). Determine the maximum profit and the value of output (Q)
at which profit is maximum.
Suppose we know that the price elasticity of demand for organic carrotsis −1.5. If a grocer decreases the price of organic carrots by 12%,what would we expect to happen to the quantity of organic carrotspurchased?(a) Decrease by 18%(b) Decrease by 6%(c) Increase by 6%(d) Increase by 8%(e) Increase by 18%
Explain unsolicited mails and communication with children (Ecommerce) in brief. I need to prepare 5-10 minutes presentation for it.
Chapter 1 Solutions
MindTap Economics, 1 Term (6 Months) Printed Access Card for Mceachern's ECON MACRO, 6th
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