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You are the manager of a firm that produces output in two plants. The demand for your firm's product is P = 80-Q, where Q = Q1 + Q2. The marginal cost associated with producing in the two plants are MC1 = Q1 and MC2 = 8. What is the profit maximizing price that the firm should charge? AND How much output should be produced in plant 1 in order to maximize profits? Show work. (answered incorrectly many times for some reason on here)
How do you think production possibilities and storage possibilities influence the price elasticity of supply of long grain rice?
I. Introduction: The purpose of this brief discussion assignment is to help you further develop your understanding of your employer's current or potential strengths. Because this course is interested in how human behavior can be understood and levera..
The company rents roller cutters and crimping machines for $16 per hour, and the marginal product of capital is 100 rollers per hour. Illustrate what do you think the previous manager should have done to keep his job.
A reputable study finds that a new workplace safety regulation will reduce the rate of economic growth of real GDP. Is this an argument against implementing the new reform? Why or why not?
What are problems that monopolies can cause, and why is it difficult for the government to control and regulate monopolistic enterprises?
Suppose a woman marries her butler. After they are married, her husband continues to wait on her as before, and she continues to support him as before (but as a husband rather than as an employee). how does the marriage affect GDP? how should it a..
q.in the united states private schools charge tuition and compete against private schools that do not. one policy
The law of diminishing marginal product (or returns) states that:
What is the difference between relative factor endowments and relative factor intensities? What does the Hecksher-Ohlin theorem say about home versus foreign countries while they remain in autarky? What happened to the Leontief paradox when human ca..
Explain the differences between the Federal Reserve and the U.S. Treasury? Be specific. Do they complement or compete against each other? Could one of then do the others job? Should one be allowed to do the others job? Why?
America is stratified into levels describing individuals’ socioeconomic status: upper class, middle class, working class, and the poor. Describe characteristics of each class and, when appropriate, the sub-classes.
Two goods have a cross price elasticity of demand of +1.2. These goods would be described as.If the price of one good increases by 5%, the demand for the other good, holding everything else the same, would change by.
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