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You are a perfectly competitive firm and P = $5 . Your cost function is: C(Y )= Y2 + Y + 4
a) What are your firm’s variable costs? Fixed costs?
b) Write down your firm’s profit function.
c) Write down the firms first order condition for profit maximization and solve for Y * .
d) Show that at this production point, profit is maximized rather than minimized (sufficient condition is met.)
e) Solve for the profit earned by the firm.
f) Should you produce Y * , or should you shut down and produce nothing? Explain why.
Suppose you have $200 with which you can buy shares of stock from two companies: ABC Hot Chocolate Company and XYZ Lemonade. Each company's stock currently sells for $100 per share. If the temperature next year is lower than average, the stock price ..
q1. in your opinion in your own words should the united states lead globally? explain why or why not?if yes illustrate
In theory, “Giffen good” is a good for which the demand curve is upward-sloping, which violates the law of demand. Please provide at least one example as a Giffen good and explain briefly why the demand curve is upward-sloping
In economy A, the LM curve is very steep, but not vertical (call this the “Friedman” economy) while in economy B, the LM curve is very flat (call this the “Keynesian” economy). The economies are identical in all other respects. (a) What is the econom..
Describe the changes in price and quantity moving from one equilibrium to another. Be sure to identify what increases, what decreases, or what may do either.
Jerome says that he will spend exactly $25 each month on new apps for his mobile device, regardless of the price of apps. Jerome's demand for apps is
Governor Brown, from the state of Taxifornia, wants to increase sales taxes to bring in badly needed revenue to support state operations. He is looking at taxing various goods and services. Will the state tax revenue be greater if the state imposes a..
What are the main reasons for the existence of financial intermediaries? Define asymmetric information. What is the Asymmetric information problem of lending? Discuss the adverse selection and moral hazard problems of lending.
After set up there is a marginal cost of $ 4 for each CD. Set up the total, average and marginal revenue functions for GDM. Write out the company TM s total average and marginal cost functions.
Briefly explain in your own words a business cycle, economic indicators and government expenditures. Be specific, and explain
A competitive firm uses two variable factors to produce its output, with the production function y = min{x1/2, x2}. The price of factor 1 is $4 and the price of factor 2 is $5. Due to a lack of warehouse space, the company cannot use more than 20 uni..
The idea of mass electrification of urban areas started out modestly with small "proof-of-principle" demonstrations. Once the feasibility of an infrastructure-level invention is established, much work must be done to actually implement it on a large ..
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