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Suppose in the short run a perfectly competitive firm has variable cost = 6q2, and MC = 12q where q is the quantity of output produced. Also, the firm has fixed cost F = 6144.
a) If the market price of the product is $336, how much output should the firm produce in order to maximize profit?
b) How much profit will this firm make?
c) Given your answer to b), what will happen to the market price as we move from the short run to the long run?
d) What is the break-even price for this market?.
Suppose an economy described by the Solow model has the following production function: Y=k^1\2(LE)^1\2 a)For this economy, what is f(k)?
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Problem-solving question: Use the following data on a firm’s total cost schedules to compute its average variable cost, average total cost, average fixed cost and marginal cost schedules.
1. the relationship between variable x and variable y can be stated as y 5 2x. a graph of this relationship has a
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Henry, a resident of Nevada, sued Adam, a resident of Utah in the Federal Court in California. He sought $60,000 damages for personal injuries arising from an automobile accident that occurred in Los Angeles, California. Does the Federal Court hav..
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