A firm built an inventory of 16-bit chips for $50,000 last year. However, the introduction of 32-bit chips lowers the market price for 16-bit chips and the inventory can only be sold for $40,000 now. What is the sunk cost?

What is the midpoint formula for calculating a percentage change?

What will be an ideal response?

Which of the following is an example for group price discrimination?

A) a BMW selling for more than a VW B) local residents receiving a discount at the local golf course C) the fact that a razor is cheap and blades are expensive D) a hotel charging more for a room if the customers bring pets