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(a) Fill in the table below and answer the following questions (Show how the calculations were made, do not just put in numbers). Show your step-by-step calculations either by typing them in the text box below or by submitting a photo of your handwritten calculations to the Drop Box.
(b) How much output will the firm choose to produce? Explain why the firm chooses this level of output.
Quantity Price Total Revenue Total cost Profit Marginal Revenue Marginal Cost
0 $45 $50
1 $45 $90
2 $45 $120
3 $45 $140
4 $45 $170
5 $45 $210
6 $45 $260
7 $45 $330
The tractor costs $9,000 today, while the above cost savings will be realized at the end of each year. If the interest rate is 7 percent.
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A firm in a competitive industry has a short run cost function= y^3-10y^2+30y. If demand= 80-P. How many firm a will exist in equilibrium?
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Xaquane and Yullare are obscure but talented 18th century painters. The world’s stock of Xaquanes is 100 and the world’s stock of Yullares is 70. The demand for each painter’s work depends on its own price and the price of the other painter’s work. W..
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