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KopyKat is a firm that specializes in printing business cards and résumé’s, using the latest laser technology. The manager has estimated that weekly demand can be approximated by P = 25 – 0.001Q, where P is price and Q is output per week. The firm’s cost function is C = 25,000 + 13Q + 0.002Q^2 , where C is total cost. (MR = 25 – 0.002Q; MC = 13 + 0.004Q) (a) Determine the firm’s profit maximizing price and output. (b) The night supervisor believes that extending KopyKat’s hours by two hours in the evening would substantially increase volume. The manager is willing to stay open for two hours over the next three months as an experiment. What results would lead the manager to decide if the store can remain open later in the evening on a permanent basis? (c) A former employee decides to sue KopyKat, alleging employment discrimination. Although management claims innocence, they agree to settle out of court. The settlement requires KopyKat to pay the employee $10,000 per month for the next year. Determine the optimal price and output for the firm under these new conditions.
Explain how can each of the 10 principles be applied in an example or expeerience with which you are familiar.
how much of the differences in output per worker between Spain and India can be explained by differences in total factor productivity and how much can be explained by differences in capital per worker.
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when markets for goods as well as services gain access to the Internet, more consumers and more businesses participate in the market.
When aggregate demand shifts left along the short run aggregate supply curve, then unemployment?
Suppose that the demand for orange increases. Carefully explain how the rationing function of price will restore market equilibrium.
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Compare the competitive price charged and quantity produced under perfect competition and monopoly. Other than identifying the presence of only one producer under monopoly, why do we tend to see this differential.
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