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You've been appointed by an unprofitable firm to determine whether it should shut down its unprofitable operation.The firm currently employs 70 workers to produce 300 units of output per day. The daily wage(per worker) is $100 and the price of the firm's output is $30.The cost of other variable input is $500 per day.
Although you don't know the firm's fixed cost, you know that it is high enough that the firm's total cost exceeds its total revenue.
Do you agree that the only way to raise equilibrium quantity is to raise supply and demand together? Why agree or why not agree?
Electrical power costs at a mine are estimated to be $850,000 in each of the next 12 years. Find out the present value of this expenditure at an interest rate of 11%.
What are some ways public policymakers can reduce demand of cigarettes (shift of the demand curve)? Assume the government decides to implement the tax on cigarette manufacturers in order to raise the price of cigarettes. How much does the amount of..
A firm sells in a competitive market in which price is $10. Its marginal cost is 2 + .5Q. Find out the profit-maximizing level of output.
An accountant for a car rental company was recently asked to report the firm's cost of producing various levels of output. What is the average fixed cost of producing 2 units of output? What is the average variable cost of producing 2 units of output..
Assume there're three firms with the same individual demand function. This function is Q=1,000-40P. Assume each firm had the diffeerent cost function these functions are: Firm 1: 4,000+ 5Q
Use method of Lagrange multipliers to find the cost function c(r,w,y). Find out the average and marginal cost. Find out the interpretation of the Lagrange multiplier in part (a)? What is the importance of term (a+b) being less than, equal to, or grea..
When measuring costs, it is important to keep in mind of one of the Ten Principles of Economics: The cost of something is what you give up to get it.
Briefly discuss whether this problem provides enough information to determine whether the equilibrium price and quantity of trucks increased or decreased.
What incentives does a capitates physician have to keep his patients happy? What incentive does an FFS physician have?
In the competitive market, the market demand is Qd=48 - 5p and the market supply is Qs = 7P. The equilibrium price is4
Assume that someone told you that an increase in price of DVD players caused the decrease in demand for DVDs. Is this what you would predict? Why or why not?
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