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Suppose that a perfectly competitive firm manufactures gizmos with the following cost structure (including all opportunity costs):
a. Calculate the marginal cost schedule for this firm in a table, and then graph the marginal cost curve.
b. If the price of gizmos on the market is $175 each, how many gizmos should the firm produce to maximize profits? What is the level of the firm's revenues at its chosen output level? How much does it make in profit?
c. Suppose that more firms start producing gizmos, and the market price drops to $125. How many gizmos should this firm now produce to maximize profits? (Note: In the case of discrete quantities such as these, interpret the P = MC rule as "produce as long as price is at least as great as marginal cost.") What is this firm's new revenue level? How much does it make in profits?
d. When the price is $125, will more firms want to enter the market? Will existing firms want to exit?
A student inherits 17500 dollars and puts the money in two different accounts. One account earns 5% annually and one account earns 8% annually. She earned a total of 1075 dollars after one year. How much money is in each account?
Using the high low method, estimate the variable cost and fixed cost elements of the annual cost of the truck operation.
Determine the asymptotic stability of the system x' = Ax where. More specifically, what stability conclusion(s) can be drawn?
Verifying some important results over real valued functions - real-valued functions
Selling shirts. If a vendor charges p dollars each for rugby shirts, then he expects to sell 2000 - 100p shirts at a tournament. a) Find a polynomial R(p) that represents the total revenue when the shirts are p dollars each.
Find the length of the curve from t=0 to t=3 and find the curvature k(t)
Assume that the elements of A are randomly chosen. For i > 1, let Xi be1if element i of A is larger than any element of A(1 : i - 1). Let X1 = 1. Then what does X1 + X2 + ··· + Xn have to do with the number of times we assign a value to L? What is t..
The given treasury bill was sold in April of this year. Find (i) the price of the T-Bill, and (ii) the actual interest rate paid by the treasury. Round dollars to the nearest cent and interest rates to the nearest thousandth.
Determine the equilibrium position of a cylinder of radius 3 inches, height 20 inches, and weight 5pi lb that is floating with its axis vertical in a deep pool of water of weight density 62.5 lb/ft^2.
According to the article, the study was designed to have power 80%, with a two-sided Type I error of 0.05, to detect a clinically important difference of approximately 10 percentage points in the absolute risk of death.12
Each individual letter of the word "pfeffernuesse" is placed on a piece of paper, and all 13 pieces of paper are placed in a hat. Three letters are selected at random from the hat. Find the probability of selecting each of the following.
The base of an aquarium with volume V = 330 is made of slate and the sides are made of glass. If slate costs five times as much (per unit area) as glass, find the dimensions of the aquarium that minimize the cost of the materials.
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