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Assume you own the remodeling company. You're currently earning short-run profits. The home remodeling industry is an increasing cost industry. In the long run, what do you expect will happen to:
a. Your firm's costs of production? Explain.
b. The price you can charge for your remodeling services? Why?
c. Profits in home remodeling? Why?
Assume that instead of maximizing profit, the firm wants to maximize total revenue. Using algebra determine the optimal output, price, profit and revenue for the firm.
Make a table showing the marginal cost of paper cup productions. What is the minimum price necessary for company to supply one thousand cups?
Farmers have a relatively inelastic demand for their crops. Suppose there is a bumper crop year (an unusually large harvest).
Employ the following data for the pure monopoly to compute the firm's: (a) total revenue, marginal revenue, marginal costs, and average total cost
What is the difference between explicit and implicit costs? Which of the costs is most closely associated with opportunity costs and why?
Apply the substitution and income effects to the purchase of meat given the lower price. How is this related to the law of demand? Hint: use chicken as a substitute good in your discussion.
What is the cost of using this machinery for one year? How would your answer be different if the machinery had not yet been purchased?
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%.
Recent health reports indicate that calcium is asorbed better in natural forms as milk, and at the same time, the cost of milking equipment rises. Examine the probable effects on the market.
What incentives does a capitates physician have to keep his patients happy? What incentive does an FFS physician have?
Prepare a 700-1,400-word paper explaining a company that has made the strategic decision based upon productivity, wages and benefits, and other fixed and variable costs. Examine the decision and its expected outcomes.
The demand for energy in the United States is often stated as persistently non-cyclical and not sensitive to both prices effects. Given such characteristics, explain the effect of each of the following on the demand or supply for gasoline.
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