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Question about Determining economic and accounting cost functions
Three University of Florida engineering students are considering operating a mobile car clinic in Gainesville, Florida, during their summer break. This is an alternative to summer employment stacking plastic cups at a local injection molding manufacturer where they would earn $10,000 each over the three-month summer period. A van equipped for such service can be leased at a cost of $5,000 for the summer from an owner taking a long vacation in the Bahamas. Additional projected costs are $2,500 for insurance, and $5 per service call for materials and supplies. Their service calls would be priced at $30 per unit, plus any parts costs (parts will not be inventoried, but purchased from local parts outlets).
A. What is the accounting cost function for this business (ignoring parts)?B. What is the economic cost function for this business?C. What is the economic break even number of units for this operation? (Assume a $30 price and ignore interest costs associated with the timing of the lease payments.)
List the four assumptions for the Monopolistic competition model. Now explain how the market will adjust in the long run and draw a corresponding graph for the representative firm in the long run. (Explain your answer.)
Given the following predictions for nominal wage increases and productivity growth, state your forecast for inflation (assume this is all the information available to make the forecast).
Write a 400- to 700-word memo to the economic adviser. Describe the change in tax revenues for the government in the new equilibrium, in both the short and longer terms.
Compute the monopoly equilibrium. Compute the consumer surplus. Assume this firm practices two-parts tariffs, Compute the optimal output.
Elucidate the excess of cost over the marginal price at the profit maximizing price-quantity combination?
Compute the marginal cost in the given case. Illustrate what is the marginal cost with 8 workers to two decimal places.
Elucidate the percentage rate of Full Employment and Inflation that that these two organizations try to keep as its target.
Mention and explain the two types of inflation. Which sort of inflation would most likely be associated with the negative GDP?
The effects on the development also diffusion of computer technology in the 1970s and 1980s on the U.S. economy in the late 1990s to the present.
Explain how might we interpret this statement in terms of cost curves and revenue curves.
The impact of changing from a federal income tax to a federal consumption tax would be:
How many cases of peaches will be produced per week during the growing season, and what will the selling price per case be if producers ignore the marginal external costs imposed on others?
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