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Suppose you are the manager of Alpha Enterprises, a firm that holds a patent that makes it the exclusive manufacturer of bubble memory chips. Based on the estimates provided by a consultant, you know that the relevant demand and cost functions for bubble memory chips are Q = 25 - 0.5P; C = 50 + 2Q.
(a) What is the firm's inverse demand function? (Explain the demand function)
(b) What is the firm's marginal revenue when producing four units of output? (Explain the marginal revenue from the formula and get the MR for 4 Units)
(c) What are the levels of output and price when you are maximizing profits? (Explain how to maximize the profit)
(d) What will be the level of your profits? (Explain why the level will be such)
If the market price of tilapia is $1.60 per pound but the government will not allow tilapia farmers to charge more than $1.20 per pound of tilapia, which of the following will happen?
The establishment of Federal deposit insurance was intended to prevent:
Suppose Atlas Publishing, a perfectly competitive firm, currently produces 2,000 maps per day at a total cost of $1,600. At its current level of output, Atlas is producing where the marginal revenue curve intersects a rising marginal-cost curve. Whic..
Suppose the demand curve for oranges is given by the equation. Compute the equilibrium price and the quantity of oranges
Elucidate the meaning of value added and its importance in the income approach. Consider the following data for the selling price at each stage in the production of a five-pound bag of flour sold by your local grocer. Calculate the final market va..
If the original supply curve of cocaine on the streets was horizontal, what is the net effect of police activities on the market for crack in this city. Compute the value for p that prevails before police intervention in the market.
q1. since the gdp is a total market value of final goods and services produced within a country over time. why is this
Select one country and list 5 elements of its cultural environment. For each cultural element, explain the impact on international business. Limit your answers to a couple of sentences for each element of culture.
Recessions seem to show up every so often and create economic hardship. One might think that macroeconomic policymakers could tame the business cycle and implement policies that would end recessions.
The demand function for a transit system can be represented by a straight line connecting fare per person and ridership. Observations made on this system resulted in the following: When the fare was $1.5 per ride, the ridership per hour was 2000; whe..
The learning process at many schools is being compromised. Instead of focusing on their education, students are concerned with their appearances. Fashion choices are of higher importance than completing homework assignments and passing tests. School ..
Which of the following government actions promotes monopolistic behavior?
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