Question 1. Detailer Revenue Maximization Using data from their survey, the Detailer team has estimated that the demand for the Detailer can be expressed by the following linear equation: Quantity sold = 66,773 – 3413.6 Price a) The team wants to know what price they should charge to give them the highest possible level of revenue. Find this price using Solver. Price- $9.78, Revenue $326,534b) If we assume the Detailer will cost $5.65 per unit to produce, what is the profit maximizing price? Whyis this different from the price that maximizes revenue? The profit maximizing price is $12.61. This is different than the price that maximizes revenue because due to the cost of production, the price that maximizes revenue has about $28,000 lower in profit. c) A member of the team thinks that de

Nellie lumpkin, who suffered from dementia, was admitted to the picayune convalescent center, a nursing home. because of her mental condition, her daughter, beverly mcdaniel, signed the admissions agreement. it included a clause requiring the par- ties to submit any dispute to arbitration. after lumpkin left the center two years later, she filed a suit against picayune to recover damages for mistreatment and malpractice. [covenant health & rehabilitation of picayune, lp v. lumpkin, 23 so.2d 1092 (miss. app. 2009)] (see page 91.) 1. is it ethical for this dispute—involving negligent medical care, not a breach of a commercial contract—to be forced into arbitration? why or why not? discuss whether medical facilities should be able to impose arbitration when there is generally no bargaining over such terms.

Demand increases by less than supply increases. as a result, (a) equilibrium price will decline and equilibrium quantity will rise. (b) both equilibrium price and quantity will decline. (c) both equilibrium price and quantity will rise

Which of the following best describes the economic effect that results from the government having a budget surplus? a. consumers save more and spend less, enabling long-term financial planning. b. overall demand decreases, reducing the incentive for producers to increase production. c. banks have more deposits, enabling them to make more loans to investors. d. government spending increases, increasing competition for goods and services and driving prices up.