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Jones Company operates within a monopolistically competitive industry. The estimated demand for its products is given by the following inverse demand function P = 1760 - 12Q It finance department has estimated its total cost function as TC = 24,000 + 5 Q - 15 Q2 + 0.333 Q3
a. What is the level of output that maximizes short run profits?
b. What is the profit maximizing price?
c. What are total profits?
d. What is the effect of an increase in fixed costs of $5000 on equilibrium price and output?
If Sandwiches To Go Inc. buys all the sandwich producers and cuts production to 100 sandwiches an hour, what is the deadweight loss that is created?e. If in part d, Sandwiches To Go Inc. rations sandwiches to two per person, is this distribution of..
What total output must the cartel produce in order to maintain this price and what output will an individual firm be restricted if this price is to be maintained (assume all firms are permitted to produce the same level of output)?
For a particular good that is monopolized, the monopolist faces the following demand and cost conditions: P= 12 - 2 qd MR= 12-4qd MC= 2 q a) What price will the firm charge its customers b) Will the firm earn positive economic profits
Calculate the t-statistic for the hypothesis test c.) Find the critical value and rejection region for a 5% significance level d.) Given your answers to b.) and c.), what do you say to the athlete's statement that he is better than Carl Lewis? 2. ..
if you borrow $5000 and agree to repay the loan in five equal annual payments at an interest rate of 11%. what will be the annual payment be what if you make the first payment on the loan at the end of second year
If market demand is given by the functionQ=1000?P, where P denotes price, how many firms will operate in this long-run equilibrium?c) Suppose the government grants a lump-sum subsidy to each firm that manufactures the product. If this lump-sum su..
Explain why this firm would not try to sell more output by undercutting the market price. A calculation is not necessary but you may choose to use it as your explanation. What will happen in this industry in the long run
Many retirement funds charge and administrative fee equal to 0.25% on managed assets. Suppose that Alexx and Spenser each invest $5,000 in the same stock this year. Alexx invests directly and earns 5% a year. Spenser uses a retirement fund and ear..
the elasticity of demand on the part of animal owners is -2.0. The research also estimates that at this price the elasticity of demand for human use would be -.2. The current price is $5.00 per dose. If the MC of production is $1, what should the ..
If a random variable X is distributed chi square with n degrees of freedom then the expected value of X is n. Show that this is true.
A sample of 500 business professionals found that 30% chose an airline based on price. If the population proportion of all business professionals who select an airline based on price is .27 What is the probability
Suppose you lend $20,000 at a 7.5% interest rate to a friend for one year. At the time of the loan your expected rate of inflation is 2.5% while your friend's expected rate of inflation is 2.9%. However, by the end of that year prices have increas..
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