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Q P TC
0 $60.00 $1,000.00
10 $56.50 $1,032.00
20 $53.00 $1,064.00
30 $49.50 $1,108.00
40 $46.00 $1,176.00
50 $42.50 $1,280.00
60 $39.00 $1,432.00
70 $35.50 $1,644.00
80 $32.00 $1,928.00
90 $28.50 $2,296.00
100 $25.00 $2,760.00
a. Determine equations for P=f(Q), MR=f(Q), ATC=f(Q, Q2), AVC=f(Q, Q2), MC=f(Q, Q2). Recall that your marginal equations should be derivatives of your totals!
b. Determine the profit-maximizing price and quantity. (Since MC is in terms of Q2, solving with calculus and algebra can be messy. Your table should give an exact answer.)
c. How much total profit would your firm earn if you set P and Q according to part b?
d. Describe the competitiveness of the market by calculating the Lerner index.
A firm sells 10 units at a price of 20. The marginal cost of production for this firm is MC(q)=5+q. What is this firm’s Lerner Index?
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Why would an employer be reluctant to hire a person for a job that entailed a considerable amount of specific on-the-job trainning if the person had a high probability of leaving the firm after a year of two? How can this help explain the flatter age..
Uncle Phil wants to save money to meet three objectives. First, he would like to be able to retire 30 years from now with a retirement income
A firm chooses its output level, QS, through the choice of inputs.The relationship between inputs and outputs is determined by the production technology used by the firm, but the general relationship assumed to be positive. What is the explanation fo..
Suppose that a country that has a high level of output per person agrees to trade with a country that has a low level of output per person. Which country can benefit?
Suppose the demand for eggs is: Q=9,000-3,000P and the supply of eggs is: Q=-500+2,000P, where quantity is measured in millions (of eggs). Find the market-clearing price and quantity for eggs.
What effect will this have on the demand and supply of loanable funds? How will this affect the real interest rate and the quantity of investment?
There is a dollar on the table, which each player can try to grab. If only one player grabs, G, and the other does not, D, the player who grabs gets the dollar and his payoff is 1, while the other player's payoff is 0.
Technology is now being developed so that road use can be priced by computer. A computer in the surface of the road picks up a signal from your car and automatically charges you for the use of the road. How would this affect bottlenecks and rush-hour..
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