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An economist estimated that the cost function of a single-product firm is: C(Q) = 50 + 25Q + 30Q2 + 5Q3. Based on this information, determine the following:
a. The fixed cost of producing 10 units of output. $ ____________
b. The variable cost of producing 10 units of output. $ __________
c. The total cost of producing 10 units of output. $ ________
d. The average fixed cost of producing 10 units of output. $ _____________
e. The average variable cost of producing 10 units of output. $ ___________
f. The average total cost of producing 10 units of output. $ ___________
g. The marginal cost when Q = 10. _________
The first cash flow of a 25-year series of quarterly cash flows is equal to $35,000. Each cash flow in the series increases by $800. Find the amount of each cash flow in an equal quarterly cash flow series that is equivalent to the increasing cash fl..
You decide to open an individual retirement account (IRA) at your local bank that pays 8 percent/year compounded annually. At the end of each of the next 40 years, you will deposit $4000 into the account. Three years after your last deposit, you will..
A country that borrows more from the rest of the world than it lends to it in a year is called a ________, and a country that lends more to the rest of the world than it borrows from it in a year is called a ________.
The Port Authorities of New York and New Jersey estimate that the annual net revenues for the George Washington Bridge (GWB) will total $13M by the end of this year (t=1). At the end of three years (t=4) you expect a toll increase of 10%. Revenues wi..
A firm uses labor and capital to produce output according to the production function q=100KL, where L is the number of units of labor used and K is the number of machines. What is the marginal product of labor. What is the marginal product of capital..
one laborer can only produce either 5 unots of necessity per month or 10 units of luxury per month. On a graph draw the ppf. where does the ppf intersect on thy axis and where does the ppf intersect on the x aaxis.
Determine the point price and income elasticities for household furniture
Dizzyland Amusement Park is a monopoly that charges for ride tickets. There is no fence around the park and anyone can walk in. Dizzyland is considering building a fence so that they can charge admission. If the fence can be built for free, does it i..
Illustrate what is the minimum product price at which the firm will operate in the short-run. Elucidate how many workers should the firm employ to maximize profits.
The actual multiplier effect in the U.S. economy is less than the multiplier effect in the text examples because: the real-world MPS is larger than the MPS in the examples.
q1. in recent decades americans have increased their purchase of stocks of foreign base companies. the americans who
Firms that had virtual monopoles, that is control over at least 80% of industry production, because of control over an essential resource include all of the following except the - The marginal revenue that would be derived from the production of a ..
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