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Suppose a firm has two factories, with marginal costs given by
Factory #1: MC1 = 20Q
Factory #2: MC2 = 40Q
The firm faces a constant marginal revenue curve given by:MR = 200
How should the firm allocate production?-How much should Factory #1 produce and how much should factory #2 produce?
Describe verbally the effect on wage rates and employment. Adjust the graph you drew for question 3, showing the monopsonistic wage rate and employment level as W2andQ2, respectively.
Draw the demand and supply curves. What is unusual about this supply curve? Why might this be true? What are the equilibrium price and quantity of tickets?
Determine the rate of can rent capital and marginal productivity of labor at its new targeed level of output. To minimize the cost, the car company should hire capital and labor until the marginal rate of subsitution reaches what portion?
Describe why marginal analysis must be used in decision making with examples. Also, give examples of poor decision-making when sunk costs were used to justify choices, and discuss how legal and ethical issues may play a role in making decisions.
Airlines practice price discrimination by charging leisure travelers and business travelers different prices. Different customers pay varying prices for essentially the same coach seat because some passengers qualify for discounts and others do no..
What is the shutdown point? Give an example. How is the short-run defined in the production process? Please provide references if applicable.
I need to determine if a movie rented from Redbox is or is not in the same market as a movie seen at a Movie Theater. I know both items are related because they deal with the same product movies.
What role should government play in controlling increases in the cost of care and the cost of health coverage What different choices do state and federal policymakers have in containing costs
Plot a graph of GDP per capita against life expectancy for the countries shown. Does your plot con?rm the Pritchett and Summers ?nding?
Demonstrate graphically the cost of income taxation of 30% to consumers and producers for an income of $27,908 and how does the taxation change if the income was $220,874?
a company has sales of $30 million. A million dollar advertising campaign increases sales $10 million to $40 million, but a two million-dollar campaign raises them $15 million to $45 million. Which of the following can U.S authorities NOT do to con..
What are the primary differences between industrial users and home users of electricity that allow the utilities to discriminate between the two markets in terms of price? How do we compensate for these differences in order to improve the "common ..
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