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Here is a linear demand function: .5Q = 15 -2P. Find its price function by inverting the demand function. Then find its total revenue function by multiplying through by Q. EXAMPLE: The linear demand function Q = 400 -250P inverts into the price function P = 1.6 -0.004Q. Multiplying this by Q gives its total revenue function TR = 1.6Q -0.004Q2. This skill will be useful in assignment 4. Show the algebra involved.
A typical firm in a perfectly competitive market has a cost structure described by the equation: C = 25 − 4QF + Q2F where QF is measured in thousands of units. Using the profit-maximizing condition, P = MC, write an equation for the firm’s supply cur..
A production process exhibits economies of scale if:
Find two or more articles in the Wall Street Journal or other business publications that describe changes in fiscal and monetary policies in the United States. Write a five- to six-page paper answering the following regarding policy changes that are ..
The Green City Hospital treated 100 patients in May with 20 nursing hour inputs, and it treated 120 patients in June with 22 nursing hour inputs. What is the total product for each month? What is the marginal product?
Suppose my grand grandmother in 1909 put $100 in the bank account for me. The bank has been paying the compounded (annual compounding) interest rate of 5% per year. If I go and pick up this money now (that is in 2009) how much money will I get?
A firm is currently operating where the MC of the last unit produced is $64, and the MR of this unit is $70. Illustrate what would you advise this firm to do.
Which of the following is NOT an example of intellectual? property?
Identify trade policies from 1980 to 1989 and discuss the following points: What are the main goods and services the United States traded internationally? What trade barriers were in place during that decade? What are two pros and two cons of the tra..
Draw the wage-schooling locus for someone for whom returns to schooling decrease through college but increase after college
A company is trying to figure out the cheapest way to produce 36 toys. The company†TM s technology is given by:
Advances in robotics occur every day, from improved sensing and control algorithms to the development of flexible coverings capable of tactile sensing.
The financial crisis of 2008 caused macroeconomists to rethink monetary and fiscal policies. Economists, financial experts, and government policy makers are victims of what former Fed chairman Alan Greenspan called a "once in a century credit tsunami..
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