A consulting company estimated market demand and supply in a perfectly competitive industry and obtained the following results:Qd = 25,000 ? 5,000P + 25MQs = 240,000 + 5,000P ? 2,000PI where P is price, M is income, and PI is the price of a key input. The forecasts for the next year are ? = $15,000 and I = $20. Average variable cost is estimated to beAVC = 14 ? 0.008Q + 0.000002Q2Total fixed cost will be $6,000 next year. What will the firm's profit (loss) be?

The supply curve for CDs shows the

A) minimum price that consumers are willing to pay if a given quantity of CDs is available. B) maximum price that consumers are willing to pay if a given quantity of CDs is available. C) maximum price that producers must be offered to get them to produce a given quantity of CDs. D) minimum price that producers must be offered to get them to produce a given quantity of CDs.

Dyson cordless vacuum cleaners offer heavy-duty performance for cleaning all floor types. The Dyson is also very lightweight and versatile. The price for the basic Dyson model is $599. Because the Dyson provides the user with really clean floors and carpets, the Dyson is an example of _

a. consumer value b. hedonic value c. utilitarian value d. perceived value