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1. Assume a company is operating at the minimum point of its short-run average total cost curve, so that marginal cost equals average total cost. Under what circumstances would it choose to alter the size of its plant?
2. Explain: In the short-run, why might a firm still operate even when there is a loss?
3. Suppose a firm is producing 1,000 units of output (Q). Its average fixed costs are $100. Its average variable costs are $50. What is the total cost (TC) of producing 1,000 units of output (Q)? It the price (P) of the good is $200, what is total revenue? What is total profit?
Monopoly with two production plants and cost functions of C1 = 50 + 0.1 Q1^2 and C2 = 30 + 0.05 Q2^2. Compute the profit maximizing level of output
As the manager of exploration for Chieftain Oil & Gas, you are assessing a new offshore oil recovery method that will recover oil and gas deep in the Gulf of Mexico.
Andre has asked you to evaluate his business, Andre's Hair Styling. Andre has five barbers working for him. Each barber is paid $9.90 every hour and works a forty hour week and a fifty week year,
Prepare a Marginal Cost Analysed Income Statement for 2014 from the above data to identify total and individual medical procedure contributions and profits.
If a manager that takes over a furniture factory and realizes immediately that it was throwing away at least $100,000 a year worth of wood scrap
Assume the production function is given by Q = 4K + 8L. Determine the average product of capital when 10 units of capital and 5 units of labor are employed?
Now that many businesses have upgraded to an online platform, are paper catalogs a thing of the last? Let's look at this from both sides of the table, both the customers and the manager.
The total monthly cost for marketing this product is composed of $3000 additional administrative expenses and $50 each unit for production and distribution costs.
Define and explain the terms decision management and decision control. Under what situations might it be optimal to make one individual responsible for both decision management and decision control?
Rochester Metro Area was hit with a major ice storm in 2003. Suppose that before ice storm of 2003, the weekly demand and supply for ice in the Rochester Metro Area were given by following equations:
Dominant price leadership exists when one company drives others out of the market. The dominant company decides how much each of its competitors can sell.
The following table shows information for a simple production function. From the data in the table, calculate marginal and average products.
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