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A firm builds shipping crates out of wood. How does the cost of producing a 1-cubic-foot crate (each side is 1-foot square) compare to the cost of building an 8-cubic-foot crate if wood costs $1 a square foot and the firm has no labor or other costs? More generally, how does cost vary with volume?
Illustrate that the previous manager, who was charging the monopoly price per beer, was not maximizing profits as accused by the owner. That is, find an alternate pricing scheme that results in more profits per customer than the monopoly scenario.
Based on market research, a film production company in Ectenia obtains the following information about the demand and production costs of its new DVD: Find the price and quantity that would maximize social welfare
Suppose per unit tax, T is imposed on buyers. Then what is the equilibrium quantity and equilibrium price? Now, assume T=30, then what will be equilibrium price and quantity. (Hint: use P is the price producer receives, and P+T is price paid by th..
the town of cinecity has two residents spielberg and lucas. the town currently funds its free outdoor movie projections
What is the average of these five amounts?
Based on the market research, a recording company obtains the following information about the demand and production costs of its new CD: Price= 1,000-10Q Total Revenue=1,000Q-10Q squared Marginal revenue= 1,000-20Q Marginal Cost= 100+10Q
What is the size of the sampling error in this case b. What is the probability that the average wait time would be less than 80 seconds c. What is the probability that the average wait time would be more than 109 seconds d. What is the probability..
How does this action change the long-run real exchange rate between the home and foreign currencies? How is the long-run nominal exchange rate affected?
A local restaurateur who had been running a profitable business for many years recently purchased a three-way liquor license. This license gives the owner the legal right to sell beer, wine and spirits in her restaurant.
On your diagram, show the deadweight loss that occurs because the output level is determined by a monopoly rather than by a competitive market.
Joe quit his job as a salesman where he made $35,000 per year to start his own t-shirt making business. His business expenses are $6,000 per year on rent, $12,000 per year on supplies, and $4,000 per year on part time help.
For both sets of calculations, compare the firm's output price and the calculated average variable cost and average total cost. Should the firm shutdown immediately when the total fixed cost equals $1,000,000
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