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A monopolist faces the following demand curve and cost function:
P = 50 − (1/2)Q
TC= 2Q + 1000
a. Find the equations for: Marginal Cost, Marginal Revenue, Average Total Cost.
b. Now carefully graph them, along with the demand curve on the same graph.
c. What is the optimal price and quantity if the firm can only set one price for all units?
d. Calculate the elasticity of demand at the profit maximizing price?
Illustrate what can we say about the elasticity of demand for Larissa's legal services. Elucidate which is consistent with the direction of these shifts
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Using basic economic principles, state what you think will cause market fluctuations over the next few years as the economy struggles to recover. What areas of the economy should be closely watched as indicators of future activity?
A firm in a competitive industry faces a market price for output of $20 and a wage rate of $500. At the current level of employment (50 units of labor), the marginal product of labor is 30. In order to maximize profit, the firm should
Q=4000-4p, where P is selling price per unit and Q is quantity demanded. V= $25/unit which is the revenue per unit and Fixed cost = $10025. (a) Find Breakeven quantity or quantities, (b) find maximum revenue, (c) find the maximum profit.
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