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Given the following cost function:
TC = 160 Q – 20 Q2 + 1.2 Q3
a) Is this a short-run cost function or a long-run cost function? How do you know?
b) Derive the long-run average cost and marginal cost equations, and plot them on a graph.
c) At what level of output does average cost reach its low point?
Illustrate what price-quantity comb I country maximizes your firm's profits. Is Demand elastic, inelastic or unit elastic at the profit-maximizing price-quantity combination.
Why profits encourage entry into purely competitive industries and explain how losses encourage exit from purely competitive industries.
Assume your town decides to levy a tax to raise funds for construction, maintenance also other expenses for local schools. Should the tax be proportional, progressive or regressive.
Examine the following list of goods and services. Which goods and services should be included in Fredonia GDP in 2009, which should be excluded, and why.
Supermarket ends its promotion. What does her budget constraint look like now. What combination of meat and potatoes maximizes her utility.
Provider A charges $120 per month for the service regardless of the number of phone calls made.
Coke also Pepsi have their market dominance for nearly a century. General Motors also Ford have been hard hit by competition.
Provide an example of income effect and substitution effect in regards to supply of labour. Illustrate what is opportunity cost of work in this case
Explain how will the bank respond to the withdrawal. Suppose that the bank responds to insufficient reserves by reducing the amount of deposits it holds until its level of reserves satisfies its required reserve ratio.
if you were an investment banker, would you ramp up your mergers also acquisitions practice focused on this organization based on these estimates.
There are three types of plant: coal, natural gas, and hydroelectric. The three types of plants face the costs appearing in the table above.
As per the rule of optimal input usage, a firm should hire a person as long as her marginal revenue product is greater than her marginal cost to the company.
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