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Suppose a firm’s total cost curve can be represented as TC = 15Q2 +8Q + 45 and that marginal cost can be represented by 30Q + 8.
a. What is this firm’s total fixed cost?
b. Write an equation for this firm’s variable cost, average variable cost, and average total cost. (Reduce the functions as much as possible) (3 points
c. Find the output level that minimizes average total cost.
d. Assume your firm was going to produce at the output level found in “c” what would be the total production cost?
e. Finally assume that the price you would receive for this product at this production amount is $50 per unit. Would your company continue production? Why or why not? Justify your answer.
Shepherd Book invests $15,000 in a pension. During the first year, the pension will be worth $1,000, the second year $2,000, the third year $1,000, and the fourth year $2,000, and so on. What is the annual worth of this pension to Rev. Book, given th..
A country produces only one good. It produced 5,000 units of the good during Year 1 and 6,000 units of the good in Year 2. The price of each unit of the good in Year 1 was $280 and it was $320 in Year 2. Suppose Year 1 is taken as the base year for t..
If the price per visit is given to be $25, at what level of visits will the maximum profit position be? What are the profits at this level? What is the quantity supplied?
q. a county is considering using a piece of park land for one of two alternative recreation projects. project s would
A monopoly firm faces a demand curve given by the following equation: P = $500 − 10Q, where Q equals quantity sold per day. Its marginal cost curve is MC = $100 per day. Assume that the firm faces no fixed cost. Suppose a tax of $1,000 per day is imp..
Suppose that the manager of a firm operating in a perfectly competitive market has estimated the average variable cost function to be: Fixed costs are $500. If the forecasted price of the firm’s output is $5.00, how much output will the firm produce ..
Explain briefly the various parts of the circular flow diagram representing the interactions between households and firms in a simple economy.
Fair evaluations can be difficult, especially if there has been any conflict between a manager and employee. However, there is an evaluation process called 360 that tries to eliminate bias from evaluations. Do a little research and tell me what 360 i..
Let's try to define the attributes of a good follower. What does it take to be a good follower? How can we support the leader in our team? What are some ways we can avoid hindering leadership?
The following graph represents the money market in a hypothetical economy. As in the United States, this economy has a central bank called the Fed, but unlike in the United States, the economy is closed (that is, the economy does not interact with ot..
Summarize Kuznets's Inverted-U Hypothesis and discuss the conceptual merits and limitations of this hypothesis, especially in reference to African countries.
suppose that the aggregate expenditure curve can be expressed algebraically as AE=3,000 - 2,000r where AE is aggregate expenditures and r is the real interest rate expressed as decimal. You check the website of the Congressional Budget office and lea..
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