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Set up a table or a spreadsheet for XYZ's output (Q) price(P), total revenue (TR), marginal revenue (MR), total cost (MC), average cost (AC) total profit (TP) and Marginal profit (MP). Establish a range for Q from 0 to 1,000 in increments of 100 (i.e., 0, 100, 200...1,000).
At what price and quantity combination would this firm maximize her profit?
Calculate her maximum profit.
Compare and contrast the production function for a product and a service. You should base your discussion on specific industry examples (i.e., automobiles or dishwashers or frozen pizzas are examples of products and tax preparation services or legal..
Consider an economy with the production function Y = L(1 / 3) a) Derive the Labor demand Curve
Suppose Mary’s utility function for two goods X and Y is given by: U(X,Y) = 2X1/2Y1/2. Suppose consumption bundle A consists of 10 units of X and 10 units of Y, and consumption bundle B consists of 20 units of X and 5 units of Y. Consumption bundle A..
Show that each of these has a diminishing MRS but that they exhibit constant, increasing, and decreasing marginal utility, respectively. What do you conclude?
If we select 7 colleges from a major and then record whether they are of 'School Type' 'Private' or not, is this experiment a binomial one? Why or why not?
Suppose a network has been developed for a project where T=38 months and \alpha {^2}=7 months. Find the probability that the project will be completed within 40 months, using (a) the standard normal tables and (b) a spreadsheet.
Outline a plan that managers in the low-calorie, frozen microwaveable food company could follow in anticipation of raising prices when selecting pricing strategies for making their products response to a change in price less elastic.
q1. the short-run marginal cost of the ohio bag company is 2q. price is 100. the company operates in a competitive
In Savannah, Georgia, the retail gasoline market consists of 8 firms. Firm 1 has 30% of the market, Firms 2 and 3 have 20% each and the remaining firms have 6% each. What is the four-firm market concentration ratio for this industry? Show your calcul..
Tammy Hall is the mayor of a large U.S. city. She has just established the Office of Window Safety. Because windows sometimes break and spray glass shards, every window in the city will now have to pass an annual safety inspection.
Suppose that some foreign countries begin to subsidize investment by instituting an investment tax credit. What happens to the investment in our small open economy? What happens to our trade balance? What happens to our real exchange rate?
Select at least five (5) economic concepts covered in the first four weeks' readings, and discuss the primary manner in which these concepts impact the world of health care economics. Some examples of selected concepts are health demand and supply, e..
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