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Suppose a firm has a short-run cost equation of C(q) = 0.3q3 – 15q2 + 200q + 100, and short-run marginal cost equation of MC(q) = 0.9q2 – 30q + 200, if the firm produces 25 units of output:
a. Solve for total fixed cost, total variable cost and total cost.
b. Solve for the firm’s average fixed cost, average variable cost and average total cost.
c. Use the MC(q) equation to solve for the marginal cost of the last unit produced.
d. Solve for whether the firm has short-run economies of scale or diseconomies of scale.
The price elasticity of good Y is -1.46. The advertisement elasticity of demand for good Y is 3.53. And these two elasticities are assumed to remain constant over the planned price and advertisement changes.
Suppose that you can schedule a worker for up to 4 hours per day. The total benefit and total cost functions are B(H) = 300H - 20H^2 and C(H)= 500H + 60H^2. The corresponding formulas for marginal benefit and marginal cost are MB(H) = 300 - 40H and M..
The component of Planned AE (the quantity demanded of GDP) MOST sensitive to a change in interest rates is....
Peter, a single taxpayer, bought a house to use as a rental property on April 1, 2007, for $300,000. He moved into the house on June 1, 2013, and used it as his personal residence until August 1, 2014, when he sold it for $500,000. Recognized gain on..
In a market served by a monopoly, the marginal cost is $60 and the price is $110. In a perfectly competitive market, the marginal cost is $60. What would happen to the price in each market if the marginal cost increased from $60 to $75?
Suppose that the Federal Government announced a tax rebate of $500 for all individuals filing singly and $1000 for all families filing jointly or as head of household in the upcoming tax year. Further, suppose that the Government budget included a br..
Choose all that apply. Imagine an economy of 10 individuals. Their annual incomes are reported below. Imagine that $100 of Oprah’s income is transferred to Anna. What is true? John - $1000 Kitty - $800 Walter - $200 Steve - $500 Samuel - $800 Bob - $..
Using any relevant information below, calculate GDP via the expenditure approach. Nominal GDP in Nowhereland in 2002 and 2003 increased from $4 trillion to $4.8 trillion. Can you say that the production of goods and services in Nowhereland has increa..
the european engine company eec is a multi-national manufacturer of small gasoline and diesel motors. eec has predicted
Jill, a widow, died on December 15, 2015. At her death Jill owned many assets with the following FMV at DOD (fair market value at time of death): Calculate Jill’s taxable estate. Calculate the amount of Jill’s estate tax
Given that China is a relative labor abundant country and Taiwan is a relative capital abundant country. According to the Heckscher-Ohlin Model, China should export labor intensive product and Taiwan should export capital intensive product.
Suppose the demand and supply functions of a good are specified as follows: QD= 600-2p and QS= -200 + 3P. Equilibrium price and quantity must be:
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