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A firm's marginal profit can be defined as the change in its profit when output increases by one unit.
a. Compute the marginal profit for each change in Ned's Beds' output in Table 1.
b. State a complete rule for finding the profit maximizing output level in terms of marginal profit. suppose Ned can sell all the beds he wants at a price of $275 per bed.
a. What will Ned's MR curve look like?
b. In Table 1, how would you change the numbers in the marginal revenue column to reflect the constant price for beds?
c. Using the marginal cost and new marginal revenue numbers in Table 1, find the number of beds Ned should sell.
In so doing, indicate whether a steeply sloped (vertical) and relatively inelastic demand curve, or a flat (horizontal) and relatively elastic demand curve, is typical under normal market conditions. Why?
What if this person whom he or she is contacting was a family member? Why can some material that would normally be forbidden under the exclusionary rule be used to return a prisoner to prison or jail?
Suppose the individual demand for a product is given by QD = 1000 - 5p. Marginal revenues is MR = 200 - 0.4Q, and marginal cost is constant at $20 there are no fixed cost. A. The firm is considering a quantity discount. The first 400 units can be ..
Suppose a second nation has the following data. Plot the PPC, and then determine which nation has the comparative advantage in which activity. Show whether the two nations can gain from specialization and trade.
Suppose we have two products in the market, orange and potato, the demand function and supply function for orange: Qd1 = 10 - 2P1 + P2 Qs1 = -2 + 3P1 the demand function and supply function for potato: Qd2 = 15 + P1 - P2 Qs2 = -1 + 2P2
Is this new demand curve more or less elastic than the original at the equilibrium?
Kenton Limited began retail operations on January 1, 2008. On that date it issued 10,000 shares of common stock for £50,000. On January 31, Kenton used £48,000 of the proceeds to rent a store, paying in advance for the next two years.
Do you believe that prices and wages in your model are covariance stationary? Why or why not, and how could you adjust your model accordingly
What is the t-statistic or t-ratio? If we wish to accept the null with 99% confidence, what should our t-stat and p-value be
A student borrowed $5,000 which she will repay in 30 equal monthlyinstallments. After her 25th payment she desires to pay theremainder of the long in a single payment. At 15% interestcompounded monthly, what is the amount of the payment.
Ford is budgeting $300,000 per year to pay for labor over the next 5 years. If the company expects the cost of labor to increase by $10,000 each year, and the annual interest rate is 10%, what is the expected cost of labor in the first year
Calculate b1, the slope of an OLS regression line using dollars spent as the dependent variable (Y) and age as the independent variable (X). Consider the follow data on moviegoer spending on snacks: Dollars Spent (Y) Age (X) 8.50 30
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