When should the firm raise or lower prodcution?

Reference no: EM13173880

1. John has been in the habit of mowing Willa's lawn each week for $20.

John"s opportunity cost is $15, and Willa would be wlling to pay $25 to have her lawn mowed.

What is the maximum tax the gov. can impose on lawn mowing

without dicouraging John and Willa from cotinuing their matually beneficial arrangement?

2. Explain how a firm in a competitive market identifies the profit-maximizing level of production. When should the firm raise production, and when should the firm lower prodcution?

3. solve for equilibrium price and quantity. What does how you?

Qd=400-(2P+T), Qs=100+3P. and T=15. (P is the price recieved by sellers and P+T is the price paid by buyer).

Reference no: EM13173880

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