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Employ the following equation to demonstrate why the firm producing at the output level where MR=MC will also be able to maximize its total profit (i.e. be at the point where marginal profit is equal to zero).
P=170-5QTC=40+50Q+5Q^2
Would the accumulation of historical prices and quantities exchanged in the market establish a long-run supply curve? How would the historical relationship differ from how firms (and economists) envision today's long-run supply in the industry?
Assume you own the remodeling company. You're currently earning short-run profits. The home remodeling industry is an increasing cost industry. In the long run, what do you expect will happen to:
Given production function Q= 100(L^0.5)(K^0.5), where L = labor hours per unit time, K=machine hours per unit time, and Q=output per unit time.
Please explain why international strategy is important. What is the difference between domestic and international strategic planning?
Problem - Total Cost, Average Cost, Marginal Cost: - Complete the following table of costs for a firm. (Note: enter the figures in the MC column between outputs of 0 and 1, 1 and 2, 2 and 3, etc.)
A firm sells in a competitive market in which price is $10. Its marginal cost is 2 + .5Q. Find out the profit-maximizing level of output.
Assume each worker is paid $10 per hour and works a 40-hours week. How many workers should the firm hire if the price of the output is $ 10? Suppose the price of the output falls to $7.50.What do you think would be the short-run impact on the firm..
Consider a firm which employs capital and labor as inputs and sells 5,000 units of output per year at the going market price of $10. As well suppose that total labor costs to the firm are $45,000 annually.
The Haas Corporation's executive vice president circulates the memo to the firm's top management in which he argues for reduction in price of firms product. He says such a price cut will raise the firms sales and profits.
Does it make sense to hold sleep, work, and leisure fixed while changing study? Why or why not? Explain why this model violates the assumption of no perfect collinearity.
Supposing the marginal cost curve is for a competitive industry as a whole, find out the profit-maximizing level of output and price.
What happens to the student's budget line? Illustrate the change with new books on the vertical axis. Is the student worse off or better off after the price change. Explain.
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