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The demand equation for a certain type of product is given by the formula p=200e^(-0.1q) where p is the price in dollars and q is the quantity sold per month
a) Find the Revenue Function (in terms of quantity)
b) Find the Marginal Revenue function (in terms of quantity)
c) Use calculus to approximate the revenue obtained from the sale of one more unit when 4 units are sold.
An economist estimated that the cost function of a single-product firm is: C(Q) = 120 + 20Q + 25Q2 + 10Q3. Based on this information, determine the following: The fixed cost of producing 10 units of output. The variable cost of producing 10 units of ..
The objective is to fully explain why the company has been successful and will continue to be an effective price maker or if your firm is not a price maker, what actions need to be instituted to become a price-making firm.
U.S. soybean supplies have been tight since last year's severe drought cut production. Many farmers held some of last year's soybeans in storage, waiting to see if they could sell them at a higher price this summer, when supplies are tightest before ..
Participate in a discussion with your classmates regarding how international trade affects our lives. You have a big stake in the politics of free trade versus international trade protections. As a buyer, your self-interest is hurt by tariffs and quo..
Suppose, Worker 1 has a reservation price of 41 cents; worker 2’s reservation price is 42 cents; worker 3’s reservation price is 43 cents, and so on. There are 150 jobs in firms without air purification systems, and this number is fixed. Thus, the de..
Calculate the expected utility of each project according to this criterion. Is this individual risk adverse, risk neutral, or risk seeking? Why?
Why does the government intervene in the economy? Should they and what would the impact be if they did not?
A firm in a competitive input market can
7) in 1988, the average wage rate was 9.45 an hour and in 2008 the average wage rate was 18 an hour. The CPI in 1988 was 118.3 and in 2008 it was 215.3. which is real wage rate is higher?
You borrow $15,000 from your credit union to purchase a used car. The interest rate on your loan is 0.25% per month∗ and you will make a total of 36 monthly payments. What is your monthly payment?
The degrees of freedom are used to determine the critical z-score for the normal distribution when calculating a confidence interval. The alternative hypothesis, denoted by H1, represents the opposite of the null hypothesis and is believed to be true..
Compensating wage differentials reflect different skills of workers? Efficiency wages are equal to the marginal productivity of workers? The signaling theory of education suggests that schooling does not affect worker productivity.
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