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Suppose you are the manager of Alpha Enterprises, a firm that holds a patent that makes it the exclusive manufacturer of bubble memory chips. Based on the estimates provided by a consultant, you know that the relevant demand and cost functions for bubble memory chips are Q = 25 - 0.5P; C = 50 + 2Q.
(a) What is the firm's inverse demand function? (Explain the demand function)
(b) What is the firm's marginal revenue when producing four units of output? (Explain the marginal revenue from the formula and get the MR for 4 Units)
(c) What are the levels of output and price when you are maximizing profits? (Explain how to maximize the profit)
(d) What will be the level of your profits? (Explain why the level will be such)
We can be certain that in the short-run a monopoly will produce the level of output that minimizes the cost on per unit basis. A well developed financial system helps reduce the effect of the initial investment requirement as a potential barrier to ..
The Occupational Safety and Health Administration (OSHA) promulgates safety and health standards. These standards typically apply to machinery (capital), which is required to be equipped with guards, shields, and the like. Analyze the possible employ..
The two opposing views on government interaction and responsibility with respect to economic fiscal and monetary policies have been a topic of debate among economist for decades.
Government action is based on majority rule, whereas market action is based on mutual consent. The market allows for proportional representation of minorities, but minorities must yield to the views of the majority when activities are undertaken thro..
Suppose she is offered a new job that would pay her $15,000 and would bring her earnings high enough so that she no longer qualified for any welfare benefits.
There is persistent fear that there will be a high level of deflation. Many economists warn that it may be worse for the economy than if there is high inflation. Let\'s work through one example. What is the real interest rate that Herb expected to pa..
Illustrate what happens if the consumer faces a borrowing constraint that prevents her from borrowing.
As a currency appreciates:
Customers arrive at an automated coffee vending machine at a rate of 4/min, following a Poisson distribution.
For an industry with MAC = 500-2E and MDC = 3E: Calculate the socially efficient tax rate. What is the total compliance cost to the industry if the socially efficient tax is charged? What are the net social benefits of the socially efficient tax?
Imagine that it is the year 2199. Technology has progressed at an incredible pace. The latest discovery is the plutonium engine, which is capable of converting plutonium, a by-product of nuclear fission, into fuel to power the nuclear reactors in our..
Average spending is $2,560. Those with a family history of cancer (4% of the population) spend $40,000 on average, and those with no family history (96% of the population) spend $1,000. Which of the following statements are true?
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