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Third Problem Professor Bong has just written the first textbook in Punk Economics. It is called Up Your Isoquant. Market research suggests that the demand curve for this book will be Q = 2, 000 − 100P, where P is its price. It will cost $1,000 to set the book in type. This setup cost is necessary before any copies can be printed. In addition to the setup cost, there is a marginal cost of $4 per book for every book printed. 1. What is the total revenue function for Professor Bong’s book? 2. What is the total cost function for producing Professor Bongs book? 3. What is the profit-maximizing quantity of books for professor Bong to sell?
Suppose that the total revenue function of a firm is given by TR(q) = 120q - 2q^2, where q is the level of output. Find the level of output q that will maximize the firm’s total revenue. Also, compute the maximum amount of total revenue received by t..
q.use the following table to answer questions a-c.output q0 1 2 3 4 5 6total costtc36 45 52 61 74 91 110a. what is the
Several big companies offer employees time off during the workday to attend seminars on how to improve their health. Some even give bonuses to people who show that they are adopting healthy lifestyles through,
If a price of corn is $3.00 a bushel, 5000 bushels would be demanded. If the price rise to $4.00, 4000 bushels would be demanded. I know the elasticity is -0.778. If the price of corn rose $5.00 a bushel, what would be the demand for corn?
Milk is a commodity is it a necessity or a luxury product. Evalute the availability of its substitutes for the product. Explain how the necessity of a good and the availability of substitutes impact the elsticity of the product.
The long-run average-total-cost curve shows. Total fixed costs generally decline as output is increased. Average total costs tend to be U-shaped. As output increases, average variable costs converge to average total costs.
For each of the following transactions, how much does US GDP increase? And how much, if at all, do consumption, investment, government purchases and net exports change? Peter Rich buys a 1928 painting by Pablo Picasso at an auction for $1 Million. In..
Assume that the industry wants to expand and has to make some long-term capital budgeting decisions. Now the industry is confronted with government regulations to oversee the merger.
Costs for maintenance of buildings at an industrial complex are expected to be $2000 in year three,$2500 in year four and amounts decreasing by $200 per year thereafter through year nine. at an interest rate of 10% per year, calculate the present wor..
How will the Fed's relatively recent authorization to pay interest
All licensed drivers are required by law to purchase a minimum level of auto and motorcycle insurance (well, if they own either of the two). However, the vast majority choose to buy much more insurance than the required minimum. It’s also true that m..
Studies indicate that the changes in fiscal and monetary policy affect the 3 economic agents in the economy (households, firms and government). How do the changes in monetary and fiscal policy instruments affect you personally or work wise?
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