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Suppose that the price of a service sold in a perfectly competitive market is $25 per unit. For a firm in this market, the output level corresponding to a marginal cost of $25 per unit is 2,000 units. Average variable cost at this output level equal $15 per unit, and average fixed costs equal $5 per unit. What is the firm's profit-maximizing (or loss maximizing) output level? What is the amount of its economics profits (or losses) at this output level?
A local video store estimates their average customer's demand per year is Q = 7 - 2P, and knows the marginal cost of each rental is 50 cents. How much should the store charge for each rental if it engages in optimal two-part pricing
The operations manager of Black Cat Blades Ltd. of Edmonton, Alberta, is examining the cost of maintaining the company's manufacturing facility. Maintenance occurs every month. The cost of maintenance starts at $2250 and it will grow by $20 each t..
Two firms are in the chocolate market. Each can choose to go for the differentiation focused high quality market or the cost focused low quality market. Resulting profits are given by the following payoff matrix
A professor's rule of thumb is that students should spend 2 hours studying for each 1 hour spent in class. Professor Bob teaches a class that meets 3 hours per week. He randomly selects 8 students and finds that they study the following amounts pe..
You borrowed $20,000 from your uncle to finance your college education. Your uncle is very flexible in your repayment plan, but he will charge an 8% interest compounded annually for any unpaid balance.
Firm z, operating in a perfectly competitive market, can sell as much or as little as it wants of a good at a price of $16 per unit. Its cost function is C = 50 + 4Q +2Q^2. The associated marginal cost is MC = 4 +4Q, and the point of minimum avera..
Assume an economy's annual money velocity in circulation is 10. Please answer the following two questions: a. If the annual nominal GDP is $200 trillion, how much money supply are enough for money demand b. In the view of monetarists
In Bayonne, New Jersey, there is a large beauty salon and a number of smaller ones. The total demand function for hair styling per day is Q = 180 - 10P, where P is in dollars. The marginal cost function of all the small salons together is SMCF = 4..
Suppose that P = $150 and Q = 1500 in an industry that has Demand and Supply functions of P = 210 - 0.04Q and P = 60 + 0.06Q. What is the change in producer surplus if an increase in Demand increases equilibrium P to $180 and equilibrium Q to 2000
Sam Lawson is a vice president at a large communications firm. His compensation includes a salalry of $400,000, a bomus of $200,000 and a stock option package that allows him to purchase 30,000 shares of the company's stock at $45 per share.
Paul consumes two goods: potatoes and leisure, N. the number of potatoes Paul consumes does not vary, but their tastiness, T, does. For each extra unit of tastiness, he must spend Pt hours in the kitchen. Thus, Paul's time constraint is N+PtT=24. ..
Suppose the interest rate on British and US bonds is the same (5 percent) and the expected future exchange rate (dollars per pound) is $1.52 per pound. Now the interest rate on British bonds suddenly rises to 10 percent.
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