Answer to Question #64038 in Microeconomics for Jessica
technology $5,000, Postage and handling $1,000, Miscellaneous $3,000, Inventory of cookbooks $2,000, Equipment $4,000, Overhead $1,000, 1 graph plus calculations, you must give up your full-time job, which paid $50,000 a year, and you worked part-time half the year. The average retail price of the cookbooks will be $30, and their average cost will be $20. Assume that the equation for demand is is Q = 40,000 - 500 P, where Q= the number of cookbooks sold per month, P= the retail price of books. show what the demand curve would look like for price between $25 and $35? suppose that you expect to sell about 22,000 cookbooks per month online, and assume you overhead, technology and equipment costs are fixed, what are your total cost? what market structure have you entered, and why? what can you do to guarantee success in this market? what pricing strategy might you use?
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