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Assume that the production of scissors is represented by q = 6*(K*L)1/2 . In the SR, K is fixed at 144. The rental rate (v) is 25, and the wage rate (w) is 10.
a. What is the STC function in terms of q?
b. Using your equation in part (a), what are the fixed cost (FC) and variable cost (VC) equations?
c. What are the equations for average variable cost (AVC), average fixed cost (AFC), and short run average total cost (SAC) (in terms of q)?
Florence is considering going into business for herself and has developed the following estimates of monthly costs and revenues to aid her in her decision making process. She has decided to house the business in a building that she already owns, alth..
Suppose Microsoft chooses to produce 80 million copies of software per year and sells copies of software to retailers at $199 per copy. Now consider problem of a retailer like Circuit City or Best Buy.
Trace the problems inherent in the unequal distribution of the benefits produced by the American economic system. Focus on the efforts of labor to change that inequality and on capital to retain its favored position. Describe evidence of inequality a..
Name three industries which best fit each of the three non perfectly competitive models (Monoplolistc Competition, Oligopoly, and Monopoly, and give support for your choices.
Cinemax is the only movie theater in Dannyburg. As such, it operates as a price-discriminating monopolist. Two types of customers view movies there: adults (A) and high school students (S) . Their respective demand functions are: Qa = 6400 Pa-2 Qs = ..
The Olde Yogurt Factory has reduced the price of its popular Mmmm Sundae form $2.25 to $1.75. As a result, the firm’s daily sales of these sundaes have increased from 1,500 per day to 1,800 per day. Compute the arc price elasticity of demand over thi..
If a monopolist increases quantity by one unit, but sells the increased output at a slightly lower price, A. marginal revenue is affected by adding one additional unit sold at the new price. B. all the previous units, which used to sell at a higher p..
What is the effectiveness of such global treaties as The Kyoto Agreement to alleviate global environmental issues (global warming, acid rain, etc.). Should the United States take a more active role in these agreements?
Without using the midpoint formula, can you tell whether demand is elastic, inelastic, or unit-elastic over this price range.
Centralized federal regulation has the advantage of?
By what factor does this firm mark up its price over marginal cost? c. Do you think this firm enjoys much market power? Explain.
A gourmet ice cream store has fixed cost expenses (rent, utilities, etc.) of $100,000/year. The ice cream cost $5/liters to produce and sell for $7 per liter. The store sells around 150,000 liters of ice cream per year. If the gourmet ice cream store..
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