What is the expected revenue from developing the simplified software?
a. $4million
b. $6million
c. $8million
d. $10million
c
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A competitive market is always efficient
Indicate whether the statement is true or false
The demand for labor is given by L(w) = 1000 - .5w, where w is the minimum wage. Find the level of w that maximizes the total wage payment, wL(w). What is the wage-elasticity of labor demand at the maximizing minimum wage?
What will be an ideal response?
When an importing country compels the foreign exporting country to agree "voluntarily" to restrict its exports to this country, the exporting firms in the foreign country are worse off than they would be if the importing country had instead imposed a comparable import quota.
Answer the following statement true (T) or false (F)
In a recent court case, an expert witness defined a monopoly as a firm that can "raise price without reducing its total revenue." What does this imply about the elasticity of demand? Would this definition hold for a profit-maximizing monopoly? Explain
What will be an ideal response?