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Suppose a firm has a short-run cost equation of C(q) = 0.3q3 – 15q2 + 200q + 100, and short-run marginal cost equation of MC(q) = 0.9q2 – 30q + 200, if the firm produces 25 units of output:
a. Solve for total fixed cost, total variable cost and total cost.
b. Solve for the firm’s average fixed cost, average variable cost and average total cost.
c. Use the MC(q) equation to solve for the marginal cost of the last unit produced.
d. Solve for whether the firm has short-run economies of scale or diseconomies of scale.
List the ways by which a party to a contract can cause a fraudulent misrepresentation to occur. Give an example for each way that you list. Identify the similarities and the differences between fraud, misrepresentation and mistake.
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You are the manager of a firm that receives revenues of $40,000 per year from product X and $80,000 per year from product Y. The own price elasticity of demand for product X is -1.5, and the cross-price elasticity of demand between product Y and X is..
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We are seeing a merging of media firms. For example, companies like Verizon now provide phone, cell, TV and internet. A common form of selling services involves putting them together in packages or “bundles” and offering them for a lower price than i..
Let market demand be given by the inverse demand function P = 300-2Q, where Q = q1 +q2 +...+qn. The cost function for each firm in the industry is c(qi) = F +20qi+q 2 i . Firms are Cournot competitors. Find each firm’s equilibrium output and profit ..
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Can you see anything in the values and norms of Islam that is hostile business?' what does the experience of the region around Kayseri teach about the relationship between Islam and business?
What are some of the differences between the two globalizations discussed in the paper? What evidence do the authors provide to show that trade today is more important than a 100 years ago? What misconceptions about the differences do the authors add..
assume which the benefit to the villagers of each additional cow grazing on the commons declines as more cows graze
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