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a. Suppose a firm's inverse demand curve is given by P=120 - .5Q, and its cost equation is C = 420 + 60 Q + Q^2.
a) Find the firm's optimal quantity, price, and profit
(1) by using the profit and marginal profit equations and
(2) by setting MR equal to MC. Also provide a graph of MR and MC.
b) Suppose instead that the firm can sell any and all of its output at the fixed market price P= 120. Find the firm's optimal output.
The cost basis for the new equipment required is $200,000 (MACRS five-year property class). Increased annual revenues, in year zero dollars, are estimated to be $350,000. what is the maximum amount that your company can afford to spend
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1. The three fundamental economic questions of what, how, and for whom: a-exist because of scarcity. b-are much more serious in a socialist system. c-are not serious in a capitalistic system. d-are not relevant in the industrialized world of today.
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