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Shrimp can be produced according to the following production function: Q = min (10B, 2L)
Where 'B' represents the number of shrimp boats, 'L' represents the number of shrimpers (workers), and Q, the number of shrimp that are produced per day.
Currently, boats rent for $500 per day and workers cost $100 per day.
Suppose your company decided purchase 12 shrimp boats (Jenny 1 - Jenny 12). These boats are a fixed resource for the firm. What is the short run total cost of producing 60 tons of shrimp?
Illustrate what is the impact of this sale on GDP for 2002. Assume no realtor is involved in the sale.
Explain how does the price elasticity of demand for corn oil influence the quantity-demanded of corn oil and the Total Revenue earned by sellers of corn oil
Explain how much profit will the perfectly competitive firms earn. Explain how much profit will the monopoly firm earn.
Assume the price elasticity of demand for heating oil is 0.7 in the long run also 0.2 in the short run.
some firms leave the industry and the industry returns back to a long-run equilibrium. Illustrate what will be the new equilibrium price, assuming cost conditions in the industry remain constant.
Identify which economic also political policies affect your firm also Explicate Explain how they impact business decisions.
The local community has instituted a price ceiling of $480. Does consumer surplus increase due to this price ceiling. Does social welfare increase as a result of the price ceiling
If you want to make four equal payments on each January 1 from 2013 through 2016 to accumulate the $1,000, how large must each payment be.
A perfectly competitive external market for the intermediate product exists, and an imperfectly competitive external market for the intermediate product exists.
Where Q is the production and V is the number of employees working 8 hours a day
Illustrate what is Great Reception's profit when producing at the profit-maximizing output
Illustrate what type of market structure would this behavior likely be prevalent. Illustrate what does this behavior accomplish for the firm.
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