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A company is a monopolist. The demand function for its product is as follows:Q = 60 - 0.4P + 6Y + 2AWhere Q = quantity sold in unitsP = Price per unitY = per capita disposal income (thousands of dollars)A = hundreds of dollars of advertising expendituresThe firm's average variable cost function is AVC = Q2 - 10Q + 60Y = 3 (thousand) and A = 3 (hundred) for the period being analyzed.A. If fixed costs are equal to $1,000, derive the firm's total cost function and marginal cost function.C(q) = fixed costs + variable costB. Derive a total revenue function and marginal revenue function for the firm.C. Calculate the profit maximizing level of output and price for the firm.D. What will the profit be?
you and your friend have decided to open a company selling product of your choice. use any one of the above mention
Assume that the Fed decided engages in an open market purchase of $100 million dollars. If the required reserve ratio is 10%, and if banks hold an additional 2% of their assets in bonds, calculate the total change in the money supply.
The government dislikes smoking, and likes tax revenue. If they wanted to increase the after-tax price to $10 per pack, what size of excise tax must be placed on sellers? How much revenue will it raise? What will be the Deadweight Loss?
last year the us low-cost-carrier spirit airlines entered the dallas-chicago market. the average ticket price for all
Draw a graph of the market for banana. What are the equilibrium price and quantity and calculate Rie's income elasticity of demand for beef. Show your calculation.
If an effort to “maintain national security” government demands the wheat growers in America to produce Qs=16million pounds per year. The market can be expressed as P=120-3Qd and P=5Qs. What is the result of the government’s actions?
The following table lists the name, gender, and height and reservation wage of 10 persons willing to work as fire fighters in Timber Creek. What is the lowest wage that Timber Creek must pay to hire five fire fighters? You answered the question $380/..
2. The purpose of this exercise is to acquaint you with some simple mathematical relationships and how they translate into graph. Economic models can come under the form of equation such as Y=F(L), Y is depandent variable, L is indepandent variable, ..
Which of the following is FALSE about a comparison between a perfectly competitive firm and a monopolistically competitive firm?
what are the major factors that have affected u.s. household consumption since the recession in 2001?briefly explain
Describe the relation between marginal and average costs. Describe the relation between marginal and average fixed costs and between marginal and average variable costs and what best accounts for the saying "Too many cooks spoil the broth?"
your firm produces two products q1 and q2. an economic consulting firm has estimated your cost function to be c q1 q2
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