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Let a quarry's cost function of producing Q tons of stone per hour be given by TC = Q3- 10Q2+ 40Q + 25, so that marginal cost function is MC= 3Q2- 20Q + 40.
(i) Find the formula for the quarry's short-run supply curve and draw its detailed graph. Explain your solution.
(ii) If market price of a ton of stone is $28, how much will the quarry's manager be willing to produce per hour in the short run? Calculate per hour profit.
After going through this section, you must be capable to: Know the need for establishing sound credit policy; Identify the different credit policy variables; Know the cred
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Illustration: ABC analysis Combine items on the basis of their relative value to form three categories—A, B and C. The data in the table below illustrates the ABC analysis.
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State Budgetary Control A budget is a quantitative expression of a plan of action relating to the forthcoming budget period. It represents a written operational plan of managem
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