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A suntan lotion company is interested in expanding to another market. In Miami, there is a 60% chance of selling 5,000 units at a $5 profit/unit, a 20% chance of selling 4,000 at a $8 profit/unit, and a 20% chance of losing $5,000. In Las Vegas, there is a 70% chance of selling 5,000 units at a $6 profit/unit, a 20% chance of selling 4,000 at a $7 profit/unit, and a 10% chance of losing $5,000. Finally, in San Diego, there is a 40% chance of selling 8,000 units at a $9 profit/unit, a 20% chance of selling 4,000 at a $9 profit/unit, and a 40% chance of losing $20,000. To enter each market there is a cost of $15,000. What market should the company enter?
Suppose a firm faces the inverse demand curve P = 600Q– 0.5. The firm has the total cost curve TC = 1,000 + 0.5Q1.5. Find the firm’s profit- maximizing output, price, and profit.
How many fish should a commercial fisher try to catch in a day? Should he catch as many as possible or return to dock before filling the boat with fish? Under what economic circumstances should he not even take the boat out? Is Apple Computer a perfe..
q1. a monopoly firm is currently earning positive economic profit. the owner of the firm makes a decision to wholesale
Millie mows her own yard to save money. Her neighbour Paul, however, hires a lawn service to mow his yard. One day Millie is looking out the window and sees Paul's lawn service drive up. Surprisingly, they begin to mow her yard, not Paul's yard. Disc..
Draw the extensive-form diagram of the Monty Hall three-door game. In this game, the host (player 1) privately selects an envelope in which to put the prize money (A, B or C). The contestant (player 2) does not observe the host's choice but then must..
what is the marginal cost for Apples-R-Us? show that Apple-R-Us marginal cost curve intersects average costs at average costs minimum?
Compute the utility and MRS of C and F prior to exchange. Based on these MRS values, can C and F gain from exchange? If so, briefly explain how they would exchange.
The consultants of Allcare Family Clinic (AFC) have determined that if the clinic hires two more practical nurses, without any other changes in its operation, it can increase the number of patients it treats during a week from 200 to 220. The weekly ..
What are the roles of money? Explain in your own words what each of these roles mean. Which of the roles do the following items satisfy? a. A credit card b. A painting by Rembrandt c. A subway token
Compute the amount of the natural employment deficit in terms of both billions of dollars and as a percent of natural real GDP.
Using the value of MPC = 0.8, and knowing the difference between the values of expenditure multiplier and the tax multiplier, it can be safely stated that the reduction of taxes by $400 billion (other things staying the same), Estimate increased leve..
Demonstrate that inflation is always a monetary phenomenon in the long-run, and explain why it might not always be a monetary phenomenon in the short-run.
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