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Question - You are the manager of a firm with demand and cost functions given by P = 1200 - 5Q and C(Q) = 1, 500 + 10Q2, respectively.
-What price-quantity combination maximizes your firm's profits?
-Is demand elastic, inelastic, or unit elastic at the profit-maximizing price-quantity combination?
-What price-quantity combination maximizes revenue?
-Is demand elastic, inelastic, or unit elastic at the revenue-maximizing price-quantity combination?
-What do you anticipate to happen in the long run with respect to your profits if
i. Your firm is a monopoly? (1')
ii. Your firm is in a monopolistic competitive market?
Felix Jones, a recent engineering graduate, expects a starting salary of $35,000 per year. His future employer has averaged 5% per year in salary increases.
Both a payroll tax and an excise tax on alcohol raise revenue. What goals do you think motivate a payroll tax? What goals motivate an alcohol tax?
What is each country's opportunity cost of producing gloves and hats and if the countries could, should they trade? Provide one (1) supporting fact to support your position.
what is the economys current stage in the business cycle? support your answer with an article written within the last
Large-scale wars typically bring a suspension of international trading and financial activities. Exchange rates lose much of their relevance under these conditions, but once the war is over governments wishing to fix exchange rates face the proble..
Light Bulbs: Shining a Light on Bulb Recycling We've received several questions about recycling light bulbs, ranging from regular incandescents to compact.
The government recently decreased tax rates for middle income earners (effectively increasing the after-tax wage for these households). We can be sure that the change will increase labour supply for these households.
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Refer to Problem. Develop a spreadsheet to investigate the sensitivity of annual profit (loss) to changes in the occupancy rate and the annual rental fee.
Expenses (not including depletion allowances) were $2,500,000. What are the percentage depletion and the cost depletion allowances
consider the following table.quantity total cost0 162 174 186 198 2110 2712 3514 451 suppose that the price of
An economic consultant studies the labor policies of a firm where it is difficult to monitor workers and prepares a report in which she recommends.
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