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Assume that a firm acts as a price taker. Regardless of the demand,it sells each unit of its product for $5.
a) Assume that the firm's marginal cost is given by MC = 0.2q + 3. What is the level of output q that maximizes profit?
b) Assume the total cost is given by TC = 0.1q^2 + 3q + 10. Calculate the firm's profit.
c) Graph these results and label firm's supply curve.
A Taiwan electronics corporation exports personal computers to the United States Their PC sales over the past five years are following:
Recall from introductory economics that an raise of $1 in government spending may raise GDP through more than $1. The exact value by which GDP goes up is multiplier.
To construct a p-chart for a manufacturing process, 25 samples of size 200 were drawn from the process. The number of defectives in each sample is listed below. a. Calculate the proportion defective in each sample. and b. Calculate the plot p-ba..
The weights of a population of parts made by a certain machine are normally distributed with a mean of ten pounds and a standard deviation of two pounds. What is the probability that a part of drawn at random from the machine weighs between 8 and..
The United States was devastated through the Crash of 1929 and the following depression. What policies were enacted during the New Deal contain finance speculation and turbulence?
Suppose the ratio of deposits that banks hold in the form of reserves is 7 percent. Suppose further that people want to hold 8 percent of their deposits in the form of cash. Then if the fed wants the money supply to be $6,228 billion, what is the ..
The demand for personal computers has been estimated to be Q = 500,000 - 700P +200I - 500S. Assume that per capita income I is $13,000 and the average price of software S is $400. When the price of personal computers is P=$3000,
This theater shows unusual films and treats early-arriving movie goers to live organ music and Bugs Bunny cartoons. If the theater is open, the owners have to pay a fixed nightly amount of $500 for films, ushers, and so on, regardless of how many ..
When will America's longest running economic expansion in history come to an end? One way to predict is to look at what happened in the past. The usual causes include:
What is the effect of the age of the house on its price and calculate the goodness of fit of the equation and What is the interpretation of the coefficient on CA?
A firm has $1,100,000 in sales, a Lerner index of 0.62, and a marginal cost of $55, and competes against 1000 other firms in its relevant market. Instruction: Round your answers to 2 decimal places.
Calculate the marginal revenue product for each additional unit of labor if output sells for $3 per unit b. Draw the demand curve for labor based on the above data and the $3-per-unit product price c. If the wage rate is $15 per hour, how much labor ..
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