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Assume that a competitive firm has the total cost function:
TC = 1q^3 - 40q^2 + 710q + 1700
The price of the firm's output (sold in integer units) is $550 per unit.
Using tables (not Calculus) find a solution for total profit at the optimal output level?
Specify your answer as an integer.
Explain and discuss the two specific conditions (i.e., triggers) that must exist before the Miranda Warning needs to be given and the two exceptions (not the waiver) to the Miranda Warning.
Illustrate and reinforce your answer with any theories from international trade and FDI theories.
Tim is offered two gambles. With gamble A, he either gains $2 or loses $1 with a 50 percent probability. With gamble B, he either gains $3 or loses $2 with a 50 percent probability. Tim prefers gamble B to gamble A. What can we conclude?
Steve Slacker is age 25, has an MBA degree, but is not working. Instead he is living at a major ski area, using the $2,000 per week he gets from his wealthy family. Construct a single income-leisure choice graph to show Steve’s situation before and a..
What should be the role of the project manager in relation to the business case - Explain the term ‘cost/benefit analysis'
The payoff to a company that enters is its gross profit minus its entry cost, while the payoff to a company that does not enter is 60. Find a symmetric Nash equilibrium in mixed strategies.
New manufacturing technologies are often viewed as labor saving in nature. Using a production possibilities frontier with manufactured capital goods on one axis and labor-intensive goods on the other axis.
Illustrate what is the effective rate of protection for sneakers.
w(h-l) + w'(h-l')/(1+r) = c + c'/(1+r) where c = current consumption, c'= future consumption, l=current leisure, l'=future leisure, and r is the market interest rate. Suppose that the current wage, w=20 and the future wage w'=22. What is the optimal ..
What is the “shut down rule” for a firm offering to sell its product in a highly competitive market?
What is the deadweight loss in both markets if the price of a crate of fresh oranges is raised.
What would we expect a positive supply shock to do to the real wage? Employment? Explain. The rate of growth in Canada's real GDP is expected to be only 2% next year. What do you predict will happen to the unemployment rate? Explain.
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