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Rick sells hamburgers, facing no competition the demand for his burgers is: Q=1000-2P, where Q is the quantity of burgers sold per week and P is the price of a given hamburger. Suppose Rick’s monthly cost is given by: TC= 1000+100Q A. Rick hires Jack to advise him on the best price to charge for his burgers. Wishing to Max Rick’s profit, what should Jack recommend Rick to Charge? What will be rick’s weekly profit at this price? What is the value of the Lerner index at Rick’s profit-maximizing price? B. If the town government forced rick to produce at the perfectly competitive quantity, what would be Rick’s price and quantity, as well as profit? if this is assuming that rick is the only person in the market can the charge whatever he wants for a burger..
Pamela earns a yearly salary of $150,000. During year 1 she invested $80,000 for a 20% interest in a passive activity. Operations of the activity in year 1 resulted in a loss
Brian consumes only two goods, Chocolates and porcelaine lupines. Let X be the number of chocolates Brian consumes and Y be the number of porcelain lupines. Brian's utility fu
Graphing the BC. Suppose that an individual has a weekly income of $180 to spend on goods X and Y, which have prices of $2 and $6, respectively. In the space below, using a st
Farmer Bogus is selling his product in a purely competitive market. His output is 600 bushels which sell for $2 per bushel. At this level of output, marginal cost is $2, avera
Does anyone know the answer to the following question: While reviewing web application logs, the security administrator noticed that someone tried to authenticate the follow
If the logic of classical economics was not at fault for being unable to fix economic problems of the real world, what was in Keynes' opinion? In what publication did Keynes f
Some businesses will examine either pricing structure and modify it in order to maximize revenue, either by raising or lowering price. Cost and Revenue Curves simulation and
Suppose both product and factor markets are competitive, why is the labour demand curve downward sloping? How can patent encourage invention? Why do we say that a monopoly is
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