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Two suppliers have been contracted by a government agency to provide a total of 100 hours of training services to help agency employees learn how to use a new computer system. The marginal cost curve of firm 1 is MC1=100+.2Q1, while the marginal cost curve for Firm 2 is MC2=90+.4Q2. There are no fixed costs. Each firm provides 50 hours of training services each week.
a. What is the total cost to firm 1 of providing 50 hours of training?
b. What is the total cost to firm 2 of providing 50 hours of training?
c. What is the marginal cost of training for firm 1 at 50 hours of training?
d. What is the marginal cost of training for firm 2 at 50 hours of training?
e. Is this the least costly division of training services between the two firms? If not, which firm should produce more, and which should produce less?
Derive the demand curves for GGC's product in each market. Derive GGC's marginal revenue (MR) and marginal cost (MC) curves in each market. Show graphically GGC's demand, MR, and MC curves for each market.
Smaller multiplier means that the change in government purchases of goods and services or taxes necessary to close an inflationary or recessionary gap is larger. Explain this apparent inconsistency?
In some economies relative supply may be unresponsive to changes in prices. For example, if factors of production were completely immobile between sectors, the production possibility frontier would be right-angled, and output of the two goods woul..
Create a dynamic spreadsheet that not only answers the question of which option is best over a specific time frame, but is also flexible such that changes in the values of variables can be easily made and new solutions provided. The scenario is th..
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Explain how can this concept be applied to the activities of profit making companies and profit loosing companies or to the revenue and costs components of a firm's net profit.
Determine the percentage change for the two years. Please explain why there was a drastic change and what this meant for the U.S. population?
If every $1,000 increase in the real price of homes adds 5 cents to annual consumer spending (the “wealth effect”), by how much did consumption decline when home prices fell by $2 trillion in 2006–8?
1. Please indicate whether you agree with the following statements in italics, and explain your answer: (a) Failure to recognize the Cellophane Fallacy may result in defining an overly narrow market in cases involving alleged anticompetitive behav..
Find the quantity (Q) that maximizes this firms revenue? Round your answer to one decimal point.
In October 2004 and 2005, real GDP in the United States increased by 3.6 percent, while nonfarm payroll jobs increased by only 1.4%.
After two quarters of increasing levels of production, the CEO of Canadian Fabrication & Design was upset to learn that, during this time of expansion, productivity of the newly hired sheet metal workers declined with each new worker hired.
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