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A firm produces q tons of chemicals that they sale a price p = 100 per ton. The total cost function is given by:
T C = 100 + 0.1q3 - 0.2q2
Write down the profit function
Derive the marginal profit function. How do you interpret this function?
For what value of q is the marginal profit 0? Would it make sense for a company to produce more than this quantity?
The payoff to a company that enters is its gross profit minus its entry cost, while the payoff to a company that does not enter is 60.
What are the insights of the Hotelling model (competition on the line)? Explain them
If you were to learn that a bottle of gatorade increased in size from 2009 to 2010, should that information affect your compute of the inflation rate.
When medical care is reimbursed through employer provided insurance whose welfare is ultimately affected when cost of medical care rises: the owners of the firm that pays the premiums, the government whose revenues are reduced because insurance benef..
Consider a model economy with just two individuals, Fred and Wilma. They both like to eat bread and cake. They each bake 10 hours a week. If Wilma spends all her time baking bread, she can bake 5 loaves. If she spends all her time making cakes, she w..
q1. cally uses labour l and capital k in her production process. the wage rate for one unit of labour is 10 while units
Eastern Airlines offers coach seats on its flight from Milwaukee to New York for $250. Sales have averaged 700 per day during the last year. Eastern’s primary competitor (Continental Airlines) cut their prices from $220 to $200. The quality of travel..
annual profits which estimate to be 85 million per yr for a 20 yr period. at a corporate MARR of 10% per year, Does project indicate it will make at least the MARR.
Which of the following statements about setting optimal two-part tariffs for many consumers is NOT true? The number of buyers (entrants) declines as the entrance fee (tariff) increases. The profit from the entrance fee (tariff) is a concave function ..
Labor turnover during periods of economic expansion is largely the result of: Full income. If leisure is a normal good, an increase in nonlabor income will cause the quantity of labor supplied to:
Describe in detail a perfectly competitive market structure. Do you think such a market structure exists? Give an example of an actual market structure that resembles a "pure competition" model.
Sometimes market activities (production, buying, and selling) have unintended positive or negative effects outside the market's scope.
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