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Problem - A firm faces the following costs: total cost of capital 2,500$ price paid for labor=14$ per labor unit and price paid for raw materials =4$ per raw material unit A suppose the firm can produce 6500 units of output this year 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 the 6,500 units of output TC=$ ATC=$ Now assume the firm improves its production process so that it can produce 7,750 units of output this year by combining its fixed capital with 100 units of labor 450 units of raw material. What are the total cost and average total cost of producing the 7,750 units of output Tc=$ ATC=$ If units of output can always be sold for a 1$ each then by how much does the firms profit increase after it improves its production process?
The question is that if two firms in the Cornout market merge into one firm, what would the merger result in? how much of marginal cost would prevail in the market, etc are answered in a detailed in manner in the solution.
Draw a Short Run situation for perfectly competitive firm earning economic losses but decides that it is more profitable to produce in the short run.
Consider the iron ore production industry and assume that there are just two producers. Both of firms are identical in terms of their production cost, if the two firms can cooperate, what should they do to maximize industry profits? how does your ans..
Explain how either the Newhouse model or the Physician Workshop model could explain why hospitals might inefficiently over-invest in expensive, new technologies. What drives excessive technology investments in each model
Phineas likes tea and licorice. He bdrinks two ounces of tea for each ounce of licorice he eats. Tea costs PT per ounce, while licorice costs PL per ounce. If T denotes Phineas' consumption of tea and L denotes his consumption of licorice, write down..
Cypress River Landscape Supply is a larege wholesale supplier of landscaping materials in Gerogia. Cypress River's sales vary seasonally; sales tend to be higher in the spring months than in other months.
Sketch the supply and demand diagram for this market before and after income rise. Mark all curves and axes and showing any shifts or movements along the curves. Analyse and explain your diagram
the city of new orleans has 200 adverstising companies 199 of which employ designers of normal ability at a salary of
If the elasticity of demand for coffee is so low (Table 5.1), why doesn't Starbucks raise the price of coffee to $10 a cup?
Who is considering expanding sales in Asia. Your market research has identified the market potential in Malaysia, Philippines, and Singapore as described next.
You own an old "water skiing" motor boat that is a real gas guzzler. It is 10-years old and can be sold now for $3,000 cash.
What is the socially optimal quantity of paper that should be produced? Draw a picture to show both the unregulated market equilibrium and the socially optimal equilibrium.
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