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A firm uses two plants (A and B) to produce a product. The plant's marginal cost functions are given by the following equations:
MCa=10+.01Qa and MCb=4+.03Qb
If the firm wanted to produce 1400 units should it produce 700 units in each plant? Why or why not? Explain and illustrate graphically.
A firm that has total fixed costs of $40,000 sells its output for $250 per unit and has an average variable cost of $150. If the firm's cost and revenue curves are linear, how much output must the firm product to break even?
Assume there're three firms with the same individual demand function. This function is Q=1,000-40P. Assume each firm had the diffeerent cost function these functions are: Firm 1: 4,000+ 5Q
In what kind of market do you think your franchise operates (perfectly competitive, monopoly, monopolistically competitive, oligopoly)? What are the specific characteristics which make it this type of firm?
In a practical sense, write your opinions on the effect a rule stating that university students must live in university dormitories would have on the price elasticity of demand for dormitory space.
Why were the members of OPEC trying to agree to cut production? Why do you suppose OPEC was unable to agree on cutting production? Why did the oil market go into 'turmoil' as a result?
Compute the profit maximization level of activity. Compute total revenue, total cot and profit or loss at profit maximization level of activity. Compute elasticity of demand at profit maximization. Compute the breakeven level of activity.
Problem - Total Cost, Average Cost, Marginal Cost: - Complete the following table of costs for a firm. (Note: enter the figures in the MC column between outputs of 0 and 1, 1 and 2, 2 and 3, etc.)
Summarize the differences between the four market types. Provide a general explanation of how business may maximize profit within each market type.
A price floor is set by the government to protect the producer of the good to which price floor has been attached. There're two possible outcomes for market in price floor setting.
Assume that the demand and supply functions for good X are as follows: What is the equilibrium price and equilibrium quantity?
To maintain utility constant an income adjustment brought the student to consume the basket (61,92). What are substitution effects and the income ?
Consider the price-taking firm in competitive industry for raw chocolate. The market demand and supply functions for raw chocolate are estimated to be
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