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The firm is considering manufacturing a second product in its factory alongside the first. The demand functions for the two products are: Qd1=180 - 4P1
Qd2=90 - 2P2 where the subscripts 1 and 2 refer to product 1 and product 2, respectively. The firm now faces a total cost function: TC= Q+150where Q= Q1 + Q2
a) Dtermine the new total profit function for the firm as a function of Q1 and Q2.
b) Using your new profit function measured in part (b)(i) find the level of output for every product at the profit maximising point and display your outcome is a maximum.
Problem: (a) Differentiate between linear and log-linear model. (b) Distinguish between type I and type II errors. (c) (i) A bulb manufacturer claims that its bulbs last
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Ask questia) Summarize the basic tenets of the arguments in thiscase b) Do you agree with main tenets of the arguments in the case? Why? Justify your answer with detailed explanati
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What is the expected value and variance of y = 3x+2 knowing that E(X) = 8 and var(X) = 4.
PROOF THAT E(XU) DIFFERENT FROM ZERO.
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