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Suppose the inverse demand function and cost function for a monopolist's product are given by: P=5-Q and C(Q)=3Q a) if the firm wishes to maximize total revenue, how much output should it produce? b)if the firm wishes to maximize total revenue, what price should it charge? c) at the revenue maximizing level of output and price, what is the elasticity of demand for the firm's product? d) if the firm wishes to maximize profits, how much output should it produce? e) if the firm wishes to maximize profits, what price should it charge? f) what are the firm's maximum profits?
1 tell how they combine to insure that in the long run a firm in a perfectly compitive industry make zero profit and is
If 50 applicants are chosen at random, what is the probability that 17 or more of them will meet the GPA threshold? (Note: You’ll want to use your answer from part a. If you’re not sure about this answer (and even if you are), be very clear about yo..
Explain how economics is used as a social science and as a policy tool and write a two-page essay in which you address the issues.
Although the company does not have the resources needed to supervise the workers, a full time inspector verifies the quality of each unit produced before a worker is paid for his or her output.
define the inflation rate. b explain how the cpi differs from the ppi as a measure of the u.s. inflation rate. c why is
If technology advances so that computers become more useful to the firm.what happens to the marginal product of the two types of workers.
WHAT IS THE CURRENT UNEMPLOYMENT RATES? WHAT FACTORS AFFECT EACH OF THESE ECONOMIC VARIABLES?
Assume the firm can produce 5000 units of out put by combining its fixed capital with 100 units of labor and 450 units of raw materials. What are the total cost and average total cost of producing 5000 units of output?
a. a. pick a health and beauty brand and item you use regularly for example shampoo shaving cream moisturizer razor
which of the following statements regarding government spending is true?select onea. government spending in the
you are the manager of college computers a manufacturer of customized computers that meet the specifications required
Joanne has decided to buy the Hummer and set up a commuter service between Boston and Lowell. There are 1000 people who will pay $400 a year for the commuter service; $280 from each person goes for gas, maintenance, insurance, depreciation etc.
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