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I believe that fast food restaurants show short run production function because of the one fixed input, capital. But, I need to elaborate more and produce the production function equation Q=F (L,K,M...) Can you please help?
Also on the fast food restaurant like McDonalds, fixed and variable cost are fixed is capital, building, stove, refrigerators..... and for variable, wages, and materials, hamburgers, potatoes.... Is that correct?
You're the manager of monopoly. A typical consumer's inverse demand function for your firm's product is P=100-2Q and your cost function is C(Q)=20Q. Find out the optimal two part pricing strategy.
Lawn mowing services are supplied by host of individuals in suburb of Westbrook. Demand and supply conditions in the perfectly competitive domestic for lawn mowing services are:
What does this decision by Wal-mart tell you regarding the price elasticity of the demand curve that it faces?
A firm has estimated the following demand function for its product:
Describe why the profits of such firms tend to increase when there is the excess supply of the inputs they employ in their production process.
Suppose M = $80,000, PR = $30, T = 5, PE = $12, and N = 6,000. Using these, compute and write the direct demand function for Good A. Show your math. Watch the decimals! The coefficient on M is 0.02 and the coefficient on N is .4
You appoint an intern from Southern University to help you examine your production process, and she uses your historical cost records to estimate that your total cost function is C(Q) = 100 + 2Q + 3Q2.
Describe the effect of increase from 1998-1999. How would the increase in demand affect the price? How would the price effect depend upon the price elasticity of supply? Please describe how. (Explain the illustration instead of actually drawing it)
Assume the price of beans rises from $1.00 a pound to $2.00 a pound, quantity demanded falls from 10 units to 6 units. In this example, the demand for beans is said to be ______
What are the pros and cons of conducting an experimental versus an observational study? What are examples of these studies? Can both types of studies be used for all projects?
Consider the following demand schedule. Does it apply to the perfectly competitive firm? Calculate marginal and average revenue.
A small town is served by many competing supermarkets, which have constant marginal cost. Using the diagram of market for groceries, show the consumer surplus, producer surplus, and total surplus.
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