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The cost of producing 600 small fiberglass sailboats per year, and the cost of producing sails and fittings necessary to make the boats seaworthy in a single plant, are together $780,000. If produced in separate plants, the boats would cost $540,000, and the sails and fittings would cost $180,000. From this information.
a. Calculate the economies of scope in the production of sailboats, sails, and fittings?
b. What can you conclude from your solution (i.e. should they be produced together by one firm or separately by different firms? Why?
Profit maximization is theoretically the most sound but practically unattainable objective of business firms. In the light of this statement critically appraise the Baumol’s sales revenue maximization theory as an alternative objective of the firm.
go back to the numberical example with no factor substitution that leads to the production possibility frontier in
Imagine cell phones are simple and the only thing consumers care about is minutes. Suppose a monopolist wireless company says, "The cell phone and the first 6 minutes are free, and the price of each additional minute is $2." Now suppose your deman..
question 1the demand for watermelons is highest during summer and lowest during winter. yet watermelon prices are
complete all questions listed below. clearly label your answers.1. what impact will an unanticipated increase in
Walt Disney World Theme Parks offer visitors a wide variety of ticket options. The one thing these ticket options have in common is that they entail a fixed entrance fee and allow customers to take as many rides as they want at no additional charg..
Mr. Smith, a holder of a deposit account in Bank of Summertime, withdraws $ 2000 and immigrates to Wintertime. Show the position of the bank after it has adjusted to the withdrawal. (Assume no cash drain).
a firm that you have done business with recently. What industry does this firm belong to? For example, McDonald's is a firm in the fast food industry. What market structure would this industry fall under? What are the names of other firms in this ..
Identify the firm"s supply curve on your graph. d. At what price would the firm supply exactly 6 units of output
Suppose the price of celeriac decreases from $80 to $60, and the quantity demanded increases from 100 to 150 bushels. What is the price elasticity of demand using the standard percentage formulas? What is the arc price elasticity of demand?
Calculate the equilibrium price and quantity, consumer surplus, producer surplus and total surplus under autarky (that is, when Monona has a closed carp market).
Which is not a factor of production? Which is not one of the five fundamental questions that an economy must deal with?
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