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Suppose you run a manufacturing business that is involved in manufacturing and selling a single product. The fixed cost to run the business is $15,000 and the constant marginal cost is $7.50 per unit. The sale price of your product is $15 per unit.
(a) Find the revenue function, total cost function and profit function. (Let x be the output level)
(b) Using the functions in part (a), find the breakeven point.
(c) State the condition(s) under which you can make a profit
Suppose that the government decides to tax potato chip producers for every bag of chips sold. Before the tax, 100 million bags of potato chips were sold every year at a price of $3 per bag. What is the amount of the tax per bag of potato chips? What ..
Explain how a price increase could be better for society than not raising the price of a product or service. Why does central planning not work efficiently?
Suppose the production function for coffee (C) is C = min(B,W) where B = beans in pounds and W = water in gallons and the price of water is $.10 per gallon and the price of beans is $10 per pound. The expansion path is
Which among the equation will you choose for a better demand estimation. Illustrate answer in the language of statistics.
Suppose the government increases education spending by $20 billion. Based on an MPC of 0.75, how much additional consumption will this increase cause? Show your work.
Calculate real GDP in each year, and the percentage increase in real GDP from year 1 to year 2 using year 1 as the base year. Next, do the same calculations using the chain-weighting method.
Illustrate what would production at a point outside the production possibilities curve indicate? What must occur before the economy can attain such a level of production.
Discuss the effects of HIV/AIDS on the economies of african countries. Making sure to discuss the sources of economic growth and the use of scarce resources.
Are there any studies that explore the higher net present value (NPV) of education in countries with higher Gini coefficients? Additionally, do any of these studies include the impacts of economic mobility as a reducing factor of the NPV or price of ..
For proportional tax system presented in table 7, illustrate what are average tax rates for people earning $50,000, $100,000 and $200,000. Illustrate what are corresponding average tax rates in regressive and progressive tax systems.
An economy has 110,000,000 people employed 8,000,000 unemployed, and 4,000,000 discourage workers. The conventional measure of the unemployment rate is what percent?
If actual inflation exceeds anticipated inflation, who will lose purchasing power, and who will gain? How does unanticipated inflation harm the country? As part of your answer, include how you and your employer would both be affected.
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