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Suppose that American Borax is a monopolist and that the worldwide demand for borax is Q = 100 - P where Q is tons of borax and P is the price per ton. The total cost function for American Borax is TC = 10Q + 0.5 Q2 .
a. Write out the firm's total revenue as a function of Q.
b. What is the profit function for American Borax?
c. Find the firm's profit-maximizing quantity by applying calculus to the profit function.
d. Find American Borax's profit-maximizing price and profit.
The first payment is due one year from today. The government plans to invest the funds until the final payment is collected and then donate the entire amount, including investment earnings, to a national health center.
Table 1 shows the demand schedule for haircuts and the supply schedule of haircuts. Use Table 1 to work Problems. Suppose that all salons agree to charge $40 a haircut. How do consumer surplus and producer surplus change? What is the deadweight lo..
What does this imply about the firm's economic profits? If the profit-maximizing firm operates at a point where its short-run average cost curve is downward sloping, what does this imply about the firm's economic profits?
If both bid the same amount, the $100 is split evenly between them. Assume that each of them has only two $1 bills on hand, leaving three possible bids: $0, $1, or $2. Write out the payoff matrix for his game, and then find its Nash equilibrium.
a company uses solid waste for fuel in theproduction of electricity. The cost Y in dollars per hour toproduce electricity is: Y=12 + 0.3X +0.27X2 ,where X is in megawatts.
(a) If the price of x1 is 2, the price of x2 is 1, and Max's income is 10, how much x1 will Max consume How much x2 (b) Suppose that Max's income level is 10. Derive Max's demand function for x1. Is x2 a substitute of x1 or a complement of it
Show this utility maximiz- ing combination combination of Pepsi and Coke on the graph. how would her consumption and utility maximizing bundle of Coke and Pepsi change if the price of Coke decreases to 50 cents.
In the diagram for this exercise, sketch a line representing a long-run aggregate supply at $10 trillion. Illustrate the effect of an increase in long-run aggregate supply. Then illustrate the effect of a decrease in long-run aggregate supply.
Discuss the causes of the Great Depression in terms of what you know about the economy today. Do you think another Great Depression is possible?
A firm has a production technology that permits it to turn 1 unit of good 1 into 2 units of good 2. If the price of good 1 is 1, at what price for good 2 will the firm just break even? Graph the firm's profit as a function of the price of good 2.
Can (Evade, Audit) ever be a Nash equilibrium? What does this imply about the punishment structure?
Determine the reaction function for each firm.
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