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The Ali Baba Co. is he only supplier of a particular type of Oriental carpet. The estimated demand for its carpets is Q=112,000-500P+5M where Q=number of carpets, P=price of carpets (dollars per unit), and M=consumers' income per capita. The estimated averabe variable cost function for Ali Baba's carpet is AVC=200-0.012Q+0.000002Q2 Consumers' income per capita is expected to be $20,000 and total fixed cost is $100,000.
a.
c. What is the maximum amount of profit that the firm can earn selling carpets?
d. Anser parts a through c if consumers' income per capita is expected to be $30,000 instead.
Suppose that a firm sells in a competitive market at a fixed price of $12 per unit. The firm's cost function is: C = 200 + 4Q. Determine the minimum quantity at which the can break even. Are there multiple break even points? Explain in detail.
Consider now that the entrant, if fought, has the possibility of withdrawin from the industry (at a loss of 1 for the entrant and a gain of 8 for the incumbent), or staying (at a loss of 5 for each player).
In the competitive industry, reduction in property tax rate on fixed capital (plant) would reduce the fixed cost of all firms. This would have the following short-run effects on P, Q, and q respectively.
the management of regional hospital has made substantial improvements in their hospital and would like to test and
In view of the current events in the Business World (unemployment, stock market down, businesses closings, and declaring bankruptcy) what nonprogrammed decisions need to be made by the public and Businesses
A firm has a cost function given by the following: Find the firm's production function, y= f(x1, x2).
Suppose that rather than the declining demand assumed in Example 2.7, a decrease in the cost of copper production causes the supply curve to shift to the right by 40 percent. How will the price of copper change?
Using a method similar to the CPI, compute percentage change in the overall price level. Use 2011 as base year, and fix the basket at 1 karaoke machine and 3 CDs.
What is the tax incidence of an excise tax when demand is highly inelastic Highly elastic What effect does the elasticity of supply have on the incidence of an excise tax What is the efficiency loss of a tax
Suppose a firm is producing 1,000 units of output. Its average fixed costs are $100. Its average variable costs are $50. What is the total cost of producing 1,000 units of output?
Find the future value one year from now of a $7,000 investment at a 3 percent annual compound interest rate. Also calculate the future value if the investment is made for two years
define the inflation rate. b explain how the cpi differs from the ppi as a measure of the u.s. inflation rate. c why is
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