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A profit maximization perfectly competitive firm face the following function total cost function. TC=10Q^2+50 and marginal revenue (MR)=10 based on the above information
a) Calculate total revenue function
b) Find or determine the OPTIMAL LEVEL OF OUTPUT or profit maximization output
c) Calculate the maximum profit or loss at optimal level of output
Use the circular flow model to provide a picture of how households, firms, and governments interact in the US economy and how the US and other economies interact in the global economy
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Assuming which the price elasticity of demand for U.S. exports equals 0.40 and the price elasticity of demand for U.S. imports equals 0.20.
Suppose a manufacturer estimates its marginal cost at $1.00 per pack, its own price elasticity at -2, and sets its price at $2.00. The company's settlement obligations are expected to raise its average total cost per pack by about $.60. What effec..
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Suppose production function for noodle soup at Slurping Turtle is Q =4k^1/2 L^1/2. They currently own 4 units of capital and are not able to change this during the short run. The rental rate of capital is $10 and the wage rate is $20. Suppose Slurpin..
Suppose cookie sales fall as consumers become more carbohydrate-conscious. If the cookie industry is a constant-cost, perfectly competitive industry, this decline in market demand will cause market supply to?
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