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Question: a) Suppose a firm has the following total cost function TC = 100 + 2q2 .
i) If price equals $20, what is the firm's output decision?
ii) What are its short-run profits?
b) A monopolist has TC =100+10Q+ 2Q2 , and the demand curve it faces is p =90-2Q.
i) Find the marginal revenue and marginal cost functions.
ii) What will be the price, quantity for profit maximization? iii) Calculate the profit for this firm.
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Suppose that the production of $1 million worth of steel in Canada requires $100,000 worth of taconite. Canada's normal tarrif rates for importing these goods are 20% for steel and 10% for taconite. Given this information, calculate the effective ..
The following model is a simplified version of the multiple regression model used by Biddle and Hamermesh (1990) to study the tradeoff between time spent sleeping and working and to look at other factors affecting sleep: sleep =b0 + b1totwrk + b2e..
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Do the lax laws and regulations and generous subsidies Vietnamese firms have an unfair competitive advantage over U.S. firms?
Two friends, Lucinda and Carl, are making cookies. They want to produce the maximum number of cookies possible in thirty minutes.
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