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Beta Industries manufactures thumb drives that consumers perceive as identical to those produced by numerous other manufacturers. Recently, Beta hired an econometrician to estimate its cost function for producing boxes of one dozen thumb drives. The estimated cost function is C=20+2Q2
a. What are the firm’s fixed costs?
b. What is the firm’s marginal cost? Now suppose other firms in the market sell the product at a price of $10.
c. How much should this firm charge for the product? d. What is the optimal level of output to maximize profits?
e. How much profit will be earned?
f. In the long run, should this firm continue to operate or shut down? Why?
In today's environment, what specific imports affect the Mass Economy? Give several examples and explain why and the 20th Century, the beginnings of the use of electricity changed everything? How did it impact the Massachusetts Economy?
If there was an economic drop of 5%, how a short and long run firm supply and demand would be affected and what is the decision a CEO must take. In your response, please consider the PPF curve, opportunity cost, perfect competition, and social welfar..
Consider a firm using labor and capital as its only inputs. The price of capital is $40 where the price of labor (wage) is $60. Using 500 units of labor and 500 units of capital the firm is producing 1200 units of output. At this mix of input the fir..
If your neighbour returns from a shopping trip saying that she got a lot of consumer surplus from her purchases
What are some of the inherent problems involved in discussing the notion that there is a single standard for the “American family?”
When the United States recovers from a recession, this tends to shift Germany's AD curve _________________, which _____________ Germany's price level. Assuming that the increase in the value of the dollar in the foreign exchange market has a greater ..
Suppose that GDP is $49,081, taxes are $7,478, consumption is $13,848, transfers are $5,073, and government spending is $10,880. What are national savings?
As the economy emerged from the most recent recession, household income rose by 6%. Over the same period, total expenditures on beef increased by 3%. Assuming that all other economic variables were held constant,
What is your expected utility if you reach your sales goal 50% of the time? b.Suppose the sales goal was lowered so that you meet it 60% of the time.
Illustrate what are factors that influence supply of loanable funds and the factors that influence demand for loanble funds.
The market for a pack of 12 golf balls has been described by the following supply and demand functions: Depict this on your demand and supply diagram. (Hint: the new tax inclusive demand function will be: P = 91 – 5Q) What is the new market equilibri..
During 2010, Raines Umbrella Corp. had sales of $750,000. Cost of goods sold, administrative and selling expenses, and depreciation expenses were $610,000, $125,000, and $170,000, respectively. In addition, the company had an interest expense of $60,..
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