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A bicycle-repair shop charges the competitive market price of $10 per bike repaired. The firm's shortrun total cost is given by STC(Q) = Q2 /2, and the associated marginal cost curve is SMC(Q) = Q.
a) What quantity should the firm produce if it wants to maximize its profit?
b) Draw the shop's total revenue and total cost curves, and graph the total profit function on the same diagram. Using your graph, state (approximately) the profit-maximizing quantity in each case
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With fixed government expenditures of G = 150 and fixed taxes of of T= 200. Assume that that consumers behave as described in the following consumption function: C= 150 + .75(Y-T)
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Explain the central limit theorem in the context of the current problem, and indicate whether it was needed to find these probabilities in a, b, and c (might differ for each of a, b, and c).
As a budding entrepreneur, you have purchased a small bakery. After some market research, you have estimated that your customers' willingness to pay for a donut/coffee combo falls into 9 categories ($2.75, $2.50, $2.25, $2.00, $1.75, $1.50, $1.25,..
The marginal revenue for a perfectly competitive firm is equal to the market price. Why is the marginal revenue for a monopolist less than the market price for positive quantities of output?
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