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You are the manager of a firm that sells a “commodity” in a market that resembles perfect competition, and your cost function is C(Q) = 40Q + 5Q2 (so MC = 40+10Q). Unfortunately, due to production lags, you must make your output decision prior to knowing for certain the price that will prevail in the market. You believe that there is a 80 percent chance the market price will be $400 and a 20 percent chance it will be $600.
a. Calculate the expected market price.
b. What output should you produce in order to maximize expected profits?
c. What are your expected profits?
How does virtue theory apply to both the decision maker and the act under consideration by that party? Explain.
Consider a consumer with utility function u(x1,x2) = x1x2 and income m who faces given prices p1 and p2. What is the effect of the increase in price on the consumption of good 1? How much of this effect in consumption is due to the income effect and ..
A temporary group of employees responsible for bringing about a particular change is a
q1. in which of the following cases should the united states produce more noodles than it wants for its own use and
According to the theory of comparative advantage, nations gain from trade because
Would the outcome of a Hotelling model with prices regulated by the government be efficient?
In a few sentences, what effect does the current supply and current demand have on this product.
The stockroom will also be adjusting its weekend hours; so beginning on the first of next month, Saturday orders will only be filled between the hours of 8 a.m. and 12 p.m. The stockroom will be closed Saturday afternoons and Sundays.
Your income rises from $1,000 a year to $10,000 and your purchases of beer increase from 10 to 20. Assume a linear relationship between income and quantity demanded. What number below most closely approximates your income elasticity at income equals ..
q. assume always there wireless serves 100 high-high demand as well as wireless consumers each of whose monthly demand
Suppose that both countries are currently producing three pairs of boots and three shirts. Elucidate that both can be better off if they each specialize in producing one good and then engage in trade.
The commercial banking industry in Canada is less competitive than the commercial banking industry in the united states
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