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A firm's profit ?(Q) is the difference between its revenue R(Q) and costs C(Q)..
(a) What condition holds when the firm is maximizing profits? Explain in words what the math of the answer means.
(b) What conditions do the functions R(Q) and C(Q) have to satisfy for you to know that the quantity Q* that satisfies the condition in (a) in fact maximizes profit? Why might you expect this to be true most of the time?
(c) Derive the condition that holds when average cost C(Q)/Q is minimized. What condition on C(Q) ensures that the average cost is minimized where this condition holds?
(d) In general, will the condition in (a) hold when the firm is minimizing average cost? Why or why not? From (c), what would marginal revenue R'(Q*) have to equal at Q* for average cost to be minimized for the same quantity Q* where profits are maximized?
A corporation bought a machine for $100,000 four years ago. It was being depreciated on a straight line basis over five years. The company decides to replace this machine today.
Suppose last year's real GDP was $10,000 billion, this year's nominal GDP is $13,800 billion, and GDP-deflator for this year is 110. Determine the growth rate of real GDP?
What do you think about current and projected budget deficit [over 500 Billion this year and coming years] and do you support Bush's economic policy to cut tax and run the Federal government through lending?
The boat will be used for wakeboard instructing and will generate revenue of $100/hour. One instructional trip will use 4 hours on the boat's engine. Draw and simplify a cash flow diagram that will help you determine how many trips it will take to..
Illustrate what does the fundamental assumption of marginal utility theory suggest about the connection between money and happiness.
Ted has preferences given by the utility function U(K,L) = K + 2L where K =pounds of Kale per month and L = pounds of lettuce per month. a. What is Ted's Marginal Utility of Kale? What is Ted's Marginal Utility from Lettuce?
Pawel spends half of the year working in Britain where he consumes British food q and half of the year in Poland where he consumes Polish food Q.
Identify also explain the key features of an oligopolistic industry. Illustrate your answer with reference to an industry of your choice.
Which of these would cause the demand curve for bison (American buffalo)
Develop an exponential smoothing forecast with smoothing constants α =0.1 and 0.3. What would be the forecast for week 11?
You were recently hired to replace the manager of the Roller Division at a major conveyor-manufacturing firm, despite the manager's strong external sales record. Roller manufacturing is relatively simple, requiring only labor and a machine that cu..
Discuss what has occurred to change the demand for, or the supply of, the good or service, and market prices of those products or services.
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