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Firm PQR produces a product 'Alpha' under perfect competition market conditions. The cost function for the firm is:TC = 1500 + 200 Q + Q2
The market supply and demand equations for the product 'Alpha' in the perfect competition market are:QS = 40,000 + 60 PQD = 80,000 - 40 P
Task: Based on the information given above, calculate:a. The profit maximizing output for PQR.b. The economic profits earned by PQR.c. Is the industry for product 'Alpha' in equilibrium?
A local widgets firm hires you to analyze their cost structure. The firm's industry is nearly perfectly competitive in all requisite characteristics. The company has given you the short run cost functions from existing data: TC=800 +60Q-4.5Q^2+.15Q..
Now assume that intermediaries come from a competitive market with an equilibrium price of $8 per unit for their services, that is, any buyer or sellerwho wants an intermediaries services must pay $8 for them.
Suppose McDonalds puts up five new stores in San Francisco using exactly the same floor plan, capital equipment, and number of workersthen the long run average cost curve of McDonalds would be and the company experiences
What rate of return per month will an engineer make over 2 and a half year project period if he invested $150,000 to produce portable 12volt air compressors. His estimated monthly costs are $27,000 with income $33,000 per month.
Alvin's utility function is U(W) = W. Barry's utility function is U(W) = W^2. Carl's utility function is U (W )= sqrt(W) . Each has wealth of only $100. An investment of that $100 has a 10% chance of netting $1,000 and a 90% chance of netting a lo..
suppose that the professor imposes a price floor of $15 per book. Sellers are pleased because they think that they will be able to get more money this way. How to calculate how much cash would the sellers receive from selling their books now
Bob and Dexter share a dorm room. Bob is a smoker but Dexter does not smoke. There are no laws that prohibit smoking in the dorm rooms. The benefit of smoking is worth $250 to Bob, but the smoke imposes a $500 cost on Dexter.
Ann Isabel, a recent graduate from Tech, would like to be a millionaire when she will retire after 30 years. She would like to start with a deposit of $1,000 at the end of the first year and increase it every year by $400 thereafter. What interest..
EA finds out that two different types of people fly to Honolulu. Type A consists of business people with a demand of QA = 260 - 0.4P. Type B consists of students whose total demand is QB = 240 - 0.6P. Because the students are easy to spot.
Sigma Petroleum, has an option to purchase 1 million barrels of crude oil for $50/barrel. You estimate that you will be able to realize $80/barrel after importing and processing the crude oil from an offshore field through FPSO.
A professor in the economics department of the college of business and economics at CSULA claims that there is much more variability in the final exam scores of students taking the introductory economics courses as a requirement.
The following table provides the total input requirements for each of five different total output levels: Q = 1 Q = 2 Q = 3 Q = 4 Q = 5 TECH. K L K L K L K L K L A 2 5 1 10 5 14 6 18 8 20 B 5 2 8 3 11 4 14 5 16 6 a.
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