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A competitive firm has the following cost function:
TC = 0.6Q2 + 2Q + 16
The firm believes the market price for their product will be $11 with probability 0.49. Otherwise, they believe the market price for their product will be $15. Find the firm's expected profit.
Response Feedback: Here, the market price is uncertain/unknown. Find the expected price. After that, this is a simple profit-maximization problem.
Please provide workout steps.
Calculate the equilibrium buyers' also sellers' price with no sales tax also then with the 20% tax Supposed above.
The general demand function for good A is Qd = 754 - 2 PA - 0.05M + 6PB + 10?+ 3PE + 2N where Qd = quantity demanded of good A each month, PA = price of good A, M = average household income, PB = price of related good B, Interpret the intercept param..
Review the case on loss of personal information and be able to make conclusions based on your findings on the VA case and loss of private information.
Employees bear the cost and earn the returns on investments in general training and employers bear the cost and earn the return on specific training. Is this statement true, false, or uncertain? Give an economic justification for your answer.
Laptops have also become easier also cheaper to produce as latest technology has come online.
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A monopolist faces a demand curve given by: P = 70 - 2Q, where P is the price of the good and Q is the quantity demanded. The marginal cost of production is constant and is equal to $6. There are no fixed costs of production. How much output shoul..
Assume your local congressman calls you for some economic advice. He wants to sponsor legislation to increase public spending on such common medical interventions as because he’s been told early detection saves money:
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An electronics firm invested $60,000 in a precision inspection device. It cost $4000 to operate and maintain in the first year and $3000 in each of the subsequent years. At the end of 4 years, the firm changed their inspection procedure, eliminating ..
Other things equal, if more firms enter a monopolistically competitive industry:
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