The short-run total cost curve of a firm in a hypothetical market is given by: STC = 10Q^2 + 4Q + 100 with short-run marginal cost given by: SMC = 20Q + 4 There are 100 firms in the market. Market demand is:Qd = 500 - Pmkt
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Consider the following table of costs for the Winsome Widget Factory, which operates in a perfectly competitive market. The market price faced by this firm is $6.00 per widget. a. Fill in the formula for AFC, AVC, ATC, MC, TR, MR, and Total Profit.
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The company will make the move when its real estate sinking funds has a total value of $1.2 million. If the fund currently has $400,000 and the company adds $50,000 per year, how many years will it take for the account to reach the desired value.
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Michelle and James each live alone in an isolated region. They each have the same resources available, and they grow potatoes and raise chickens. If Michelle devotes all her resources to growing potatoes, she can raise 200 pounds of potatoes per y..
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You are the manager of a company that vaccinates human beings for biological diseases. Your company uses two inputs to produce vaccinations: physicians and laboratories. However, this is a short-run analysis where physicians are variable but labor..
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Define inflation. Assume that you live in a simple economy in which only three goods are produced and traded: fish, fruit, and meat. Suppose that on January 1, 2007, fish sold for $2.50 per pound, meat was $3.00 per pound, and fruit was $1.50 per ..
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Discuss the meaning of the x- and y-axis values on the graph. (Hint: Be sure to label the axis) Based on the results of the graph and the profit equation provided, discuss the relationship between profits and number of e-readers produced.
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Consider an economy with just one technique available for the production of each good. Supposing labor equals 100 and land equals 150, write and sketch the production possibility frontier. (Hint: What are the intercepts of the production possibilit..
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During the current year, sales total $2,000,000, income is $84,700 per capita, advertising is $500,000, and competitor advertising is $300,000. Previous period levels were $77,000 (income), $400,000 (advertising), and $400,000 (competitor advertis..
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Suppose per unit tax, T is imposed on buyers. Then what is the equilibrium quantity and equilibrium price? Now, assume T=30, then what will be equilibrium price and quantity. (Hint: use P is the price producer receives, and P+T is price paid by th..
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The firm currently uses 50,000 workers to produce 200,000 units of output per day. The daily wage per worker is $80, & the price of the firm's output id $25. The cost of other variable inputs is $400,000 per day. Assume that total fixed cost equal..
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Given the above variable cost data and assuming fixed costs equal the value of the last three digits of your MDC student ID, create a file using Excel that lists Output, Fixed Cost, Variable Cost, Total Cost, Average Fixed Cost, Average Variable C..
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