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Suppose a company owns two plants, plant A and plant B. The total cost functions are as follows:
Plant A: TCA = 5qA + 0.1qA2
Plant B: TCB = 5qB + 0.2qB2
1. Suppose that the company is a price taker and the market price is $10. How many units will each plant produce?
2. Suppose that the company decides to produce 100 units of its product in total. how many units will be produced in each plant? what will be the total cost of the 100 units?
A firm produces output according to a production function Q=F(K,L)=min {2K,4L} a. how much output is produced when K=2 and L=3 b. if the wage rate is $30 perhour and the rental rate on capital is $10 per hour, what is the cost-minimizing input mix ..
Nosebleeds: P = 30 - 2Q With the stadium built, payers paid, and the other costs of playing baseball game incurred, the marginal cost of admitting an additional customer is essentially zero (MC=0). Everything else is "sunk" or fixed costs, TC = 10..
Whenever John is singing, the sales revenue from concert tickets is $100,000 higher than if a regular singer is singing. If he doesn't become a singer, he can get a job that pays $50,000 at most. How much will he be paid in equilibrium How much of..
A heat exchanger is being installed as part of a plant modernization program. It costs $80,000, including installation, and is expected to reduce the overall plant fuel cost by $20,000 per year. Estimates of the useful life of the heat exchanger r..
Suppose that for the firm below, the goods market is perfectly competitive. The market price of the product the firm produces is $4 at each quantity supplied by the firm. What is the amount of labor that this profit-maximizing firm will hire
When the price of squiggles is $700, 2200 units are demaded. When the price per unit of squiggles is $300, 4200 units of squiggles are demanded. 1) Use these two points and calculate the estimated demand function.
Suppose you are a painter, and the price of a gallon of paint increases from $3.00 a gallon to $3.50 a gallon. Your usage of paint drops from 35 gallons a month to 20 gallons a month. Perform the following: 1.Compute the price elasticity of demand ..
Suppose the LRAS is positioned at a real GDP of $12 trillion in base year dollars, and the long run equilibrium price level (in index number form) is 115. The corresponding full employment level of nominal GDP must be how much trillion dollars.
ASSUME THAT THE CONSUMPTION SCHEDULE FOR A PRIVATE OPEN ECONOMY IS SUCH THAT CONSUMPTION C = 50 + 0.8Y. ASSUME FURTHER THAT PLANNED INVESTMENT Ig AND NET EXPROTS Xn ARE INDEPENDENT OF THE LEVEL OF REAL GDP AND CONSTANT AT Ig = 30 AND Xn = 10.
In a Good job, a qualified worker produces 100 units and an unqualified worker produces 0. There is enough demand for workers for each type of job; companies must pay what they expect the appointee to produce.
Assume that Mamma's produces frozen pizzas in a competitive market and it knows how to maximize profit. It's marginal and average total costs are shown in the curve to the right. a) Suppose that other pizza producers are selling their product at $5..
Because people dislike commuting to work, homes closer to employment centers tend to be more expensive. The price of a home in a given employment center is $60 per day. The daily rental price for housing drops by $2.50 per mile for each mile farth..
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