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A firm sells its product in a perfectly competitive market where other firms charge a price of $130 per unit. The firm's total costs are C(Q) = 40 + 10Q + 2Q2.
a. How much output should the firm produce in the short run?units
b. What price should the firm charge in the short run?
Suppose the hourly wage is $10 and the price of each unit of capital is $25. The price of output is constant at $50 per unit. The production function is F(L,K)=L^1/2*K^1/2 If the current capital stock is fixed at 1,600 units, how much labor should..
To construct a p-chart for a manufacturing process, 25 samples of size 200 were drawn from the process. The number of defectives in each sample is listed below. a. Calculate the proportion defective in each sample. and b. Calculate the plot p-ba..
A group of enterprising engineering students has developed a process for extracting combustible methane gas from cow manure (don't worry the exhaust is odorless). With a specially adapted internal combustion engine, the students claim that an auto..
Each month, an airline sells 1,500 business-class tickets from London to Paris at $200 a ticket, and 6,000 economy-class tickets at $80 a ticket. Use this information to estimate the price elasticities of demand of business travelers and tourists ..
given that an economy;s production function is Y=F(K,L)=K0.3L0.7. Assuming that the depreciation rate is 10%/year. What's the steady state capital per worker, output per worker, and consumption per worker for saving rates
Suppose households supply 430 billion hours of labor per year and have a tax elasticity of supply of 0.20. If the tax rate is increased by 10 percent, by how many hours will the supply of labor decline
Bounds Inc. has determined through regression analysis that its sales (S) are a function of the amount ofadvertising in two different media.This is given by the following relationship (X=newspapers,Y=magazines): S(X,Y) = 200X + 100Y - 10X2 - 20Y2 ..
There are 90 identical profit-maximizing, price taker firms in the industry, each with an average variable cost curve of Ave = $8 +$0.75Q and fixed costs of $600 per hour. Q is the output per hour for the firm.
assume the demand function and the supply functions for 24-can beer case in houston are demand qd 1000 ? 50p demand qs
Given PxX + PyY = I and the information in question one above and a point system where px = 2, py = 8 and the number of points available is 450, is the consumer constrained by points If so, what is the consumption point
Suppose that the price of a service sold in a perfectly competitive market is $25 per unit. For a firm in this market, the output level corresponding to a marginal cost of $25 per unit is 2,000 units.
How many units should be produced to maximize profit? How do this company's marginal costs behave as output increases? Provide a logical explanation as to why a computer manufacturer's marginal costs might behave in this way.
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