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A firm uses a single plant with costsC = 160 + 16Q + 0.1Q2 and faces the Price equation P = 96 - 0.4Q.
1. Find the firm's profit maximizing price and quantity. What is its profit?
2. The firm's production manager claims that the firm's average cost of production is minimized at an output of 40 units. Furthermore, she claims that 40 units is the firm's profit maximizing level of output. Explain whether these claims are correct.
3. Could the firm increase its profit by using a second plant (with costs identical to the first) to produce the output in part (1)? Explain.
In 1989, the Detroit Free Press and Detroit Daily news (the only newspapers in the city) obtained permission to merge under a special exemption from the antitrust laws. The merged firm continued to publish the two newspapers
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During this holiday, he gave his first Fireside Chat, a radio address where he explained his policies to the American people in plain language. After the four-day holiday, he still kept one-third of all U.S. banks closed (mostly small farmer banks..
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An insurance company wants to estimate the mean score on this exam for students who have enrolled in a special study program. They take a sample of 8 students in this program and determine that their scores are: 2, 5, 8, 8, 7, 6, 5, and 7. This sa..
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