Q1: Ch. 1 (20%)
a. Supply: Suppose the following information is known about a market:
1. Sellers will not sell at all below a price of $2. 2. At a price of $10, any given seller will
sell 10 units. 3. There are 100 identical sellers in the market.
Q1: (20%) The director of marketing at Vanguard Corporation believes that sales of the
companys Bright Side laundry detergent (S) are related to Vanguards own advertising
expenditure (A), as well as the combined advertising expenditures of its three bigge
The homework covers the textbook Ch 6-8. You may discuss the questions with classmates.
However, it must be your individual work. Copying answer from others will violate ACADEMIC
HONESTY policy to cause a failing grade. Please show the derivation process
Q1: (24%) Consider a price-taking firm that has total fixed cost of $50 and faces a market
determined price of $2 per unit for its output. The wage rate is $10 per unit of labor, the only
variable input. Using the following table, answer the questions bel
The global beer market is very diverse and unique because of all the types of products
that are able to be made and sold on a daily basis worldwide. There are domestic beers like for
example Michelob ultra which is one of my favorite that is made in the u