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A firm’s total cost function is TC = 2q^2 + 5q +10 . The firm is a price taker and the market price for its product is $25. How many should it produce to maximize profit? How much profit?
If the percentage change in quantity demanded is less than the percentage change in price, we would say that over this range, demand is:
A random variable X is normally distributed with a mean of 100 and a variance of 500, and a random variable Y is normally distributed with a mean of 200 and a variance of 400. The random variables have a correlation coefficient equal to -0.5. Find th..
Illustrate at what price can the firm sell the level of output found in the previous question.
Suppose you have a firm that faces a %50 tax rate. Suppose you have an increase in operating revenue of $25000 and an increase in operating expense of $30000, what is your change in net cash flow?
What is the probability (±0.001) that the next customer pays at least $30? What percent of customers who pay at least $30 pump premium? % (Round your answer to the nearest whole number.)
Using Cournot model we have two firms with demand function of P=150-2Q and both have total cost of 30Q. What is the price each firm 1 and firm 2 will charge - can you work so I can understand?
Suppose the production function for coffee (C) is C = min(B,W) where B = beans in pounds and W = water in gallons and the price of water is $.10 per gallon and the price of beans is $10 per pound. the cost minimizing combination of beans and water fo..
The difference between a monopsonist and a monopolist is that. In a perfectly competitive output market, the value of the marginal product of a resource is
What is the externality associated with an individual driving on a congested highway? how do tolls help alleviate this externality? How should tools be set? (Hint: would you always want the toll to be the same all day?) The steel industry pollutes th..
Suppose that long run costs for firms operating in the industry are given by. What is the long run supply curve for the industry? What is equilibrium quantity in the industry?
When a monopoly firm is operating in a range of output where total revenue is increasing as output increases, then marginal revenue
Solve graphically: Show an increase in real interest rates that decreases quantity supplied of savings. (m2=0)
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