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You are the manager of a firm that sells a commodity in a market that resembles perfect competition, and your cost function is C(Q)= 2Q+3Q2. Unfortunately, due to production lags, you must make your output decision prior to knowing for certain the price that will prevail in the market. You believe that there is a 70 percent chance the market price will be $200 and a 30 percent chance it will be $600.
Calculate the expected market price.
What output should you produce in order to maximize expected profits?
Fill in the table for the perfectly competitive firm. Explain how you arrived at each number and what is the optimal output, price and profit of the firm?
the supply and demand for one product can affect the supply and demand for substitute items. explain and give examples.
There are literally several elected officials across the U.S. at the local, state, and national levels. The 2-major political parties remain as important to election and reelection of public officials today as ever before.
According to the computer industry what are positive and negative effects of either a sudden increase or decrease in the number of competitors on prices in long run.
chez henri is a restaurant chain that operates in 40 different cities. it hired an economist to estimate the factors
Numerous studies have shown that there is usually a systematic relationship between price and concentration. What is this relationship? Offer two brief explanations for this relationship.
Suppose that raw materials (input R) are fixed at 10 units. Determine the number of units of input L that maximizes the total product function.
complete the supply and demand simulation located on the student website.write 1050-word paper of no more than
assume that there are two goods in the economy x and y. preferences of consumera are represented by the utility
consider the following model of the economyc 50 0.60 y - ti 380g 400t 0.20yy c i ga. what is the value of the
Over what range will changes in marginal cost have no effect on CDW’s profit-maximizing level of output?
Find the interest rate Gene Milton borrowed a sum of $5,000 from his uncle be. After three years, he paid back a sum of $5,000 and paid another $1000 in the following year to pay off the Ioan.
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