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A firm's profit ?(Q) is the difference between its revenue R(Q) and costs C(Q)..
(a) What condition holds when the firm is maximizing profits? Explain in words what the math of the answer means.
(b) What conditions do the functions R(Q) and C(Q) have to satisfy for you to know that the quantity Q* that satisfies the condition in (a) in fact maximizes profit? Why might you expect this to be true most of the time?
(c) Derive the condition that holds when average cost C(Q)/Q is minimized. What condition on C(Q) ensures that the average cost is minimized where this condition holds?
(d) In general, will the condition in (a) hold when the firm is minimizing average cost? Why or why not? From (c), what would marginal revenue R'(Q*) have to equal at Q* for average cost to be minimized for the same quantity Q* where profits are maximized?
The demand for watermelons is highest during summer and lowest during winter. Yet watermelon values are normally not bigger in summer than in winter.
Two companies produce the same product. The firm's each determine their own output and the combined output of the two is sold at the market price.
A company operates plants in both the unites states(where capital is relatively cheap and labor relatively expensive) and mexico(where labor is relatively cheap and capital is relatively expensive).
Find the Cantina's minimum efficient scale and its average cost when operating at minimum efficient scale and find the Cantina's marginal revenue function.
1. Why is saving called a leakage? Why is planned investment called an injection? Why must saving equal planned investment at equilibrium GDP in the private closed economy? Are planned changes in inventories rising, falling or constant at equilibrium..
Amaranda and Bartolo consume only two goods, X and Y. They can trade only with each other and there is no production. The total endowment of good X equals the total endowment of good Y. Amaranda's utility function is U(xA, yA) = max{xA, yA}
Determine the inflation rate for the next 12 months, base their calculations solely on the current inflation rate and is it a closed or open economy? What budget des the government run?
In this exercise, you will find actual points on the combined PPC of the two states. For each of the following values of one good, calculate the maximum amount of the other good that the two countries could produce working together.
Estimate the linear trend in the data, and use it to forecast gasoline sales in the United States in each quarter of 1990.
Covered Interest Arbitrage. The spot and 360-day forward rates on the Swiss franc are SF 2.1 and SF 1.9, respectively. The risk-free interest rate in the US is 6 percent, and the riskfree rate in Switzerland is 4 percent. Is arbitrage opportunity her..
A shift outward in the demand curve always results in an increase in total spending (price times quantity) in a good. On the other hand, a shift outward in the supply curve may increase or decrease total spending." Explain?
Discuss perfect competition and long-run equilibrium in detail. Provide detailed descriptions, definitions and concrete examples of your findings.
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