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Assume that TC = 10,000 MC =0
TR = 70Q MR = 70
(a) What is the price of this good? Please show your calculations.
(b) At what output level is profit maximized for this firm? Please give an explanation and show all calculations.
(c) At what level of output is revenue maximized for this firm? Please give an explanation and show all calculations.
The maximum price that a few of the consumers are willing to pay is $0.20 per pound of cheese, and the price floor is set at $0.17 per pound. With the price floor at $0.17 per pound of cheese, consumers buy 211 billion pounds of cheese. How much cons..
Two clinics want to merge. The price elasticity of demand is -0.20, and each clinic has fixed costs of $60,000. One clinic has a volume of 7,200, marginal costs of $60, and a market share of 2 percent. What are the total costs, revenues, and profits ..
Suppose a perfectly competitive industry whose demand and supply are characterized by the following demand and supply functions: Qd = 180 − 2P and Qs = 10P. How many units will the representative firm produce? Taking this quantity as the average per ..
You win the lottery and are promised by the Lottery Commission $12,000 a year for 6 years, starting next year. Assume the interest rate is 9%. What is the present value of this prize?
Assume you have been hired as a managing consultant by a company to offer some advice that will help it make a decision as to whether it should shut down completely or continue its operations. It currently uses 100 workers to produce 6,000 units of o..
Their banks are holding back credit so it is harder for businesses to invest and for consumers to spend
The U.S. was on a “gold standard” from 1879 to 1933. Which of the following was a a major disadvantage of being on the gold standard from an economic point of view? the fixed exchange rate made international trade and investment easier. the price of ..
Second-degree price discrimination occurs when
If regulators want to ensure that LWE doesn't lose money, what is the lowest price they can impose? Calculate output, consumer surplus
Recruitment involves the hiring of prospective employees. Job analysis is a process of obtaining all pertinent job facts, and produces job descriptions and job specifications. Both overlapping responsibility and responsibility gaps should be used whe..
The following events occur in the market for good B, which is a normal good: Identify the impact of the event to the equilibrium price and quantity of each event.
Consider we wanted to know how many trips versus dinners out you could purchase. If you were told that X = number of trips and Y = the number of dinners out and you were given the following budget information; M=4000, Px=800, and Py=100, Show in your..
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