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Suppose that the individual demand for a product is given by Q = 1000 - 5P. Marginal revenue is MR = 200 - 0.4Q. There are no fixed costs and so marginal cost, which is constant, is equal to average cost. That is, MC = AC = $20.
[a] Calculate the firm's profit-maximizing level of output and the price it would charge. (Hint: Rewrite the demand equation with price, P, as a function of quantity, QD.) Show workings.
[b] Calculate the firm's profit at its profit-maximizing level of output. Show workings. Suppose the firm is now considering a quantity discount. The first 400 units can be purchased at a price of $120, and further units at a price of $80.
[c] Calculate the firm's profit under this second-degree price discrimination scheme, and briefly discuss whether it is more profitable than the monopoly price found in part [a.] Show workings.
As per to the rule for optimal input usage, a firm should hire a person as long as her marginal revenue product is greater than her marginal cost to the company. Elucidate is a company violating the optimality rule.
Use the principles of supply and demand to address a predetermined goal (set by the student) in the gasoline market. Be clear on what the current market indicates and why and what your future goal is.
a university spent 1.8 million to install solar panels atop a parking garage. these panels will have a capacity of
Anthony is considering the purchase of used car. The price, including the title and taxes, is $9,530. Anthony is able to make a $2,530 down payment. The balance, $7,000, will be borrowed from the Credit Union at an interest rate of 9.25% compounded d..
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How can managers deal with these problems? If a US corporate headquarters asks a manager to offer kickbacks or other bribes, what are the options?
The "interest-only" mortgage typically converts later to a:
If Cameron is a risk neutral inventor, which option will be selected? d. How would your answer change if Cameron is a risk adverse investor?
An economic system, in which economic decisions are controlled by the internal interaction of supply and demand, is known as a Illustrate what.
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