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The market research firm you hired provides you with the market demand for a hydro-engine. They've tried to keep things as simple as possible for you and created a linear demand equation, where Qd is the number of motorcycles demanded per year: Qd = 10,000 - 0.5P Due to the mechanization of your production process, your marginal cost per engine is a constant $2,000 per engine. You've spent millions creating a state-of-the-art production line that helps keep your labor costs down. The annual fixed costs of your operation are $4,000,000. The marginal cost of producing every engine is $2,000 per engine with your current production line. Determine how much economic profit you will make this year at your current quantity and price. Calculate total revenues, total costs, and the amount of annual profit.
Suppose a certain state increases the license fees that physicians must pay from $500 to $2000 per year. Trace out the impact of the increase in fees an average cost, average variable cost, fixed cost, and marginal cost for physicians operating in th..
The table below includes data for a one-year period required to calculate GDP for this economy. All figures are in billions of dollars.
When you double the amount of workers (inputs) you hire, and your factory’s production (output) quadruples, then you are experiencing:
What are the predictions of the gravity model of international trade and Identify a country that could be considered an outlier to the predictions of the Gravity Model of international trade. Give explanations for why the country does not closely con..
Yolanda owns a temp agency. She sees demand for her workers increase because firms prefer a more contingent workforce.
Models such as moving average, exponential smoothing, and linear trend use only:
Why do you think it is that few cities have converted their buses to natural gas? We have many cities that run all or most public vehicles on natural gas. Natural gas burns clean and has cleaner emissions. Is there a reason that all of our cities hav..
In monopolistic competitive industry the products that make up that industry are virtually alike. Only a few minor differences separate one product from the other (take soap for example). In such a case one is lead to believe that consumers could cho..
1. Who are the three best-known quality pioneers? Describe and then compare their individual contributions to quality. 2. Look through the ITT Tech Virtual Library and identify a major company that adopted one or more of the pioneers' strategies. Sug..
What provision of the U.S. Constitution has played the most important role in the development of civil rights policy?
A project to reduce consumption of cigarettes is proposed. The project will cost $1 Million per year over 20 years and will reduce smoking between 1% and 3% for a period of 40 years. The estimated reduction in health care costs of a one percentage po..
1.name 5 stylized facts about the business cycle.2. rank order these three ideas from most optimistic about how a
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