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You are the manager of a monopolistically competitive firm. The inverse demand curve you face is P = 50 – 4Q. Your cost function is C(Q) = 10 + 2Q.
1. What level of output should you produce to maximize profits?
2. What is your profit and what will happen in your market in the long run? Explain.
Elucidate how much they can accumulate over 25 yrs if they move the money into a money market mutual fund earning 5 percent.
Which of these can be a value turnoff for customers?
you are given the following functions in a fully competitive marketmarket demand function qd 20 - 3p market supply
Which of the following is not an example of a monopolistically competitive firm?
Consider the second stage of competition between Samsung, HTC and Sony. Once Apply has chosen some output level q1, Samsung, HTC and Sony will compete simultaneously over their product quantities. Write down the best response functions for Samsung, H..
A laboratory centrifuge costs $80,660 and has a $5530 salvage value with an 8-year recovery period. The estimated annual operating cost is $7000 per year. Use the double declining balance method with switch over to straight line to determinate the bo..
In an agency relationship, someone agrees to perform a task for, and under the control of, someone else (the principal). An agent is the person who is acting on behalf of the principal in an agency relationship. Identify three (3) types of agency und..
Ryan has $200 per week to spend on gas and food. The price of gas is $4/gallon and the price of food is $2 unit. What is the opportunity cost of an additional unit of food in terms of gallons of gas? What is the opportunity cost of a gallon of gas in..
Indigenous Australians have the worst health of social groups in Australia. Describe two social determinants that contribute to a lower life expectancy for Indigenous Australians. Identify one condition that Indigenous Australians have a higher preva..
In the argument for why perfect competition is allocatively efficient, the price that people are willing to pay represents the gains to society and the marginal cost to the firm represents the costs to society. Can you think of some social costs or i..
explain the difference among moving along a curve and shifting the curve. Assume a market is in equilibrium and the demand curve shift to the right, describe the market adjustment process in restoring equilibrium.
q1. it some respects karl marx could be thought of as one of the last of the classical economists. analyze this
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