Managerial Economics: A Problem Solving Approach
5th Edition
ISBN: 9781337106665
Author: Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher: Cengage Learning
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Question
Chapter 1, Problem 6MC
To determine
The point of view regarding firm problems in problem solving principles.
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Gains from Trade - End of Chapter Problem
Some people enjoy gardening and will grow their own vegetables, fruits, and herbs in their own backyard or in a leased
plot. Many people agree that fresh fruits and vegetables taste better and, in some cases, are relatively cheap to grow.
a. What are some reasons that not everyone grows their own vegetable garden? Select all that apply.
Some people
prefer to go to the grocery store and find everything they need in one spot.
do not have time to tend to garden chores like weeding, watering, fertilizing, etc.
do not have the space or the willingness or means to rent space to grow a garden.
would rather spend time engaging in other hobbies.
b. Considering your answers in part a, why do most people not grow their own food?
Mainly because
food companies are good at marketing their products and get customers hooked by putting additives in their food.
many people feel that their comparative advantage lies in other activities, and they are willing to…
Knowledge
Thinking
Communication
Application
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3. A used car dealership rents 210 cars for $9 a day. They want to increase the price to
maximize their profits. They notice that if they increase the price by $1.25 that they
have 10 fewer rentals.
a. Create an equation for profit for the car dealership rental sales.
b. Determine the price of the rental that maximizes profit.
Write a word or term that governs the following
1.
are benefits given to the firm that originate from outside the firm.
2.
exist when costs fall with larger size firm for technical and
engineering reasons.
3.
result from the way that larger firms can employ specialized
workers.
Chapter 1 Solutions
Managerial Economics: A Problem Solving Approach
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