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A firm uses a single plant with costs C = 160 + 16Q + .1Q2 and faces the price equation P = 96 - .4Q.
a. Find the firm's profit-maximizing price and quantity. What is its profit?
b. The firm's production manager claims that the firm's average cost of production is minimized at an output of 40 units. Furthermore, she claims that 40 units is the firm's profit-maximizing level of output. Explain whether these claims are correct.
c. Could the firm increase its profit by using a second plant (with costs identical to the first) to produce the output in part (a)? Explain.
The MacBurger Company, a chain of fast food restaurants, expects to earn $200 million after taxes for the current year. The company has a policy of paying out half of its net after tax income to the holders of the company's 100 million shares of c..
The mayor considers engaging in direct quantity regulation (also called "command- and-control") and declares that each firm must engage in 42.5 units of pollution abate- ment. If the plants are controlled by the same firm, would it be socially optima..
Kyle is an English PhD student; there is some chance he will get a prestigious university job that will pay him $80,000/year (probability p). If he does not get this job, he will have to take a job at Starbuck's, paying $25,000/year (probability (..
Suppose the velocity is constant and the economy's output of goods and services rises by 5% each year. What will happen to nominal GDP and the price level next year if the FED keeps the money supply constant.
Consider an economy with population growth at rate n = :03, technological growth at rate g = :02, depreciation at rate = :05, and a savings rate of s = :30. The economy is at steady state. (a) What is the rate of growth of aggregate income Y in this..
A discounted yield to maturity of 4.00 percent is widely expected to prevail at the auction. However, the bank for which you are working will regard the bills as a good investment only if it can obtain a discounted holding period yield of at least..
Maureen Laird is the chief financial officer for the Alva Electric Co., a major public utility in the midwest. The company has scheduled the construction of new hydroelectric plants 5, 10, and 20 years from now to meet the needs of the growing pop..
Suppose that the current market price of VCRs is $300, that average consumer disposable income is $30,000, and that the price of DVD players (a substitute for VCRs) is $500. Under these conditions annual U.S. demand for VCRs is 5 million per year.
The utility estimates that by switching to gas, it will save $22,000 per year, starting 3 years from now. At an interest rate of 8% per year, determine the present worth in year 0 of the projected savings that will occur in years 3 to 10.
Explain the multiplier intuitively. Why is it that an increase in planned investment of $100 raises equilibrium output by more than $100 Why is the effect on equilibrium output finite How do we know that the multiplier is 1/MPS
The agency of Labor Statistics follows 5-steps to calculate Consumer Price Index. Determine three strengths and three weaknesses of the Consumer Price Index calculation.
A manufacturing company leases a building for $100,000 per year for its manufacturing facilities. In addition, the machinery in this building is being paid for in installments of $20,000 per year. Each unit of the product produced can be sold for ..
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