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Beth’s Lawn Mowing Service is a small business and operates in a perfectly competitive market. The costs function for Beth’s company is given by: total cost (TC) =0.1q2 + 10q + 50 and marginal cost (MC)=0.2q + 10, where q=the number of acres Beth chooses to mow in a week.
a. How many acres should Beth choose to mow in order to maximize pro?t if the prevailing market price of lawn mowing is $20 per acre? Calculate Beth’s maximum weekly pro?t.
b. How many acres should Beth choose to mow if the market price of lawn mowing is $12 per acre? Calculate the pro?t (loss) at this price level.
c. Calculate the price at which Beth’s company is making zero pro?t.
Ilustrate what is the equilibrium cost in the corn chip market. How many corn chips will be bought by children and how many by adults.
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A newspaper has a monopoly on the local news market in a town. The market demand is given by P=1.70-Q/20,000, making the marginal revenue MR=1.70-Q/10,000. The marginal cost is constant at equal to 0.80. The fixed cost is 2,000. So, the total cost is..
Depends on the evidence in this article and what you know about the economy in the United States, decide which of these statements is most likely to be true.
If prices of x and y are doubled while the income remains the same, the budget constraint:
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directly to patients, who then would be free to choose their health care providers. Whether or not you agree, can you give an economic rationale for this approach to governmental health care funding?
A major electronics manufacturer expects to generate additional revenue from its recently won government contract. The company forecasts that the revenue will be $108,937 million in the first year, but will decline by $2,295 million every year for th..
Which of the following are likely to increase the demand for heroin? Suppose that Jane Margolis is an addicted heroin user. Ceteris paribus, if the murder of some of the heroin dealers in town causes the price of heroin to rise, we would expect that ..
You have opened your own word-processingservice. You bought a personal computer, and paid $5,000 for it.However, due to the cost changes in the computer industry, thecurrent price of an equivalent machine is $2,500.
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