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Karen runs a print shop that makes posters for large companies. It is a very competitive business. The market price is currently $1 per poster. She has fixed costs of $250. Her variable costs are $1000 for the first thousand posters, $800 for the second thousand, and then $750 for each additional thousand posters (Total, 50 points). LO3 - Chapter 8
a) What is her AFC per poster (not per thousand!) if she prints 1000 posters? 2000? 10,000?
b) What is her ATC per poster if she prints 1000? 2000? 10,000?
c) If the market price fell to 70 cents per poster, would there be any output level at which Karen would not shut down production immediately?
In the imperfect competitive market of jeans, Lean Jeans, Inc., recently offered rebates of $1 off the regular $50 price. Quantity sold jumped 4 more jeans from the previous 100 figure the previous month.
Illustrate and fully describe using an example of relevant cost (a cost whose value does affect the optimal decision) and an example of irrelevant cost (a cost whose value does not affect the optimal decision) to the business regarding this decisi..
Assume the price of beans rises from $1.00 a pound to $2.00 a pound, quantity demanded falls from 10 units to 6 units. In this example, the demand for beans is said to be ______
What impact would this have on the Kitty Litter market and the individual Kitty Litter producer in the SR? In the LR? Carefully Explain.
Consider the competitive market served by many domestic and foreign firms. The domestic demand for such firm's product is Qd=500-1.5P. The supply function of domestic firms is Qsd=50+.5P, while that of the foreign firms is Qsf=250.
Describe why the profits of such firms tend to increase when there is the excess supply of the inputs they employ in their production process.
How foreign direct investment influences the wages
Office building maintenance plans call for stripping, waxing, and buffing of ceramic floor tiles. This work is often contracted out to office maintenance firms, and both technology and labor requirements are very basic.
Questions: : Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month? Explain your choice.
Problem based on Oligopoly and demand curve, Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?
Compute the best response function of each firm in terms of prices. Compute the resulting equilibrium price quantity combination for each firm. Describe your answer with a suitable graph. Also calculate optimal profits of each firm.
In the absence of a quota, what is the equation for the total supply of wine? Show your work - what are the equilibrium price and quantity of wine? Show your work.
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