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A manufacturing plant has the capacity to produce 1,000,000 widgets per year. Each sells for $20. The variable cost to produce each widget is $5 per widget. Annual operating costs are fixed regardless of production volume, and are $2,000,000 per year. a. If the factory is operating at 25% of capacity, how much profit or loss is achieved? b. What percent of capacity is required for the plant to break even? You can use Excel to solve this problem.
Refer to the following table which gives the demand and cost data for a price-setting firm: What is the maximum amount of profit that this firm can earn? What is the profit-maximizing price?
The company rents roller cutters and crimping machines for $16 per hour, and the marginal product of capital is 100 rollers per hour. Illustrate what do you think the previous manager should have done to keep his job.
All modern industrial states in the world have a socialized medical system, except south africa and the united states. Why do you think that is? Should the united states adopt a socialized medical system? Why, or why not? Why is economic growth and d..
Assume the market for ceiling fans is perfectly competitive and is currently in equilibrium.
Discuss the short run and long run implications of the explanation for the aggregate economy.
Suppose nominal GDP in 2002 was $100 billion and in 2003 it was $260 billion. The general price index in 2002 was 100 and in 2003 it was 180. Between 2002 and 2003 the real GDP rose by:
One year of life is then worth a little less than $67,000. Actually, if you are talking of Quality adjusted life year, your last calendar year might be worth considerably less than one quality adjusted life year ignoring that. They can’t spend more t..
Suppose that your demand curves for gadgets and widgets are both straight lines but your demand curve for a gadget (DG) is much more elastic than your demand curve for widgets (DW). Draw a graph that illustrates your demand and transactions for gadge..
In order to engage in price discrimination, a monopolist has to be able to determine that there are different groups of consumers that have different ________ for the product.
Suppose that the cross-prce elasticity between good X and y is .25 and that the price of good y increases. Which of the following statement is true?
q1. imagine a simple economy with only two people leroy and percy. if the social welfare function is wul up and the
Which of the following statements are true about both monopolistic competition and monopolies? Select all that apply.
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